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List of countries by foreign exchange reserves

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Comparison of forex reserves of top 20 countries

Foreign exchange reserves, also called Forex reserves, in a strict sense, are foreign-currency deposits held by nationals and monetary authorities. However, in popular usage and in the list below, it also includes gold reserves, special drawing rights (SDRs) and IMF reserve position because this total figure, which is usually more accurately termed as official reserves or international reserves or official international reserves, is more readily available and also arguably more meaningful.[1] These foreign-currency deposits are the financial assets of the central banks and monetary authorities that are held in different reserve currencies (e.g., the U.S. dollar, the euro, the pound sterling, the Japanese yen, the Indian rupee, the Swiss franc, and the Chinese renminbi) and which are used to back its liabilities (e.g., the local currency issued and the various bank reserves deposited with the Central bank by the government or financial institutions). Before the end of the gold standard, gold was the preferred reserve currency.

Foreign-exchange reserves is generally used to intervene in the foreign exchange market to stabilize or influence the value of a country's currency. Central banks can buy or sell foreign currency to influence exchange rates directly. For example, if a currency is depreciating, a central bank can sell its reserves in foreign currency to buy its own currency, creating demand and helping to stabilize its value. High levels of reserves instill confidence among investors and traders. If market participants believe that a country has sufficient reserves to support its currency, they are less likely to engage in speculative attacks that could lead to a sharp depreciation. In times of economic uncertainty or financial market volatility, central banks can use reserves to smooth out fluctuations in the exchange rate, reducing the impact of sudden capital outflows or shocks to the economy. Adequate reserves ensure that a country can meet its international payment obligations, which helps maintain a stable exchange rate by preventing panic in the foreign exchange market. Having substantial reserves allows central banks to implement monetary policies more effectively. They can afford to maintain interest rates or engage in other measures without the immediate fear of depleting reserves, which can influence market expectations positively.[2]

Forex reserves by country

All the figures below have been converted to U.S. dollars, as different countries report data in different currencies. The U.S. dollar equivalents have been calculated using currency exchange rates as well as the gold price at the reported date. Not all countries keep gold as reserves, to avoid physical storage costs and the risks associated with it. In these cases no values are shown in the excluding gold columns.

Country
(as recognized by the U.N.) 		Continent Foreign exchange reserves Last reported
date 		Ref.
Including gold Excluding gold
millions U.S.$ Change millions U.S.$ Change
 China Asia 3,643,149 Increase 41,079 3,389,306 Increase 31,221 31 Aug 2025 [3]
 Japan Asia 1,324,210 Increase 19,774 1,230,940 Increase16,230 31 Aug 2025 [4]
 Switzerland Europe 1,007,710 Decrease 13,935 897,295 Decrease 14,490 31 Jul 2025 [5]
 Russia Europe/Asia 713,300 Increase 700 434,487 Increase 1,517 26 Sep 2025 [6]
 India Asia 700,236 Decrease2,334 605,219 Decrease 4572 26 Sep 2025 [7]
 Taiwan Asia 597,430 Decrease 4,390 544,300 Decrease 1,071 31 Aug 2025 [8]
 Saudi Arabia Asia 434,547 Decrease 21,728 434,116 Decrease 21,728 7 Nov 2024 [9]
 Hong Kong Asia 421,400 Increase 5,126 416,216 Increase 85 8 Nov 2024 [10]
 South Korea Asia 415,700 Decrease 4,300 410,900 Decrease 790 5 Nov 2024 [11]
 Brazil Americas 388,571 Increase 7,465 344,173 Decrease 361 1 Oct 2024 [12]
 Singapore Asia 383,721 Decrease 5,907 374,809 Decrease 156 7 Nov 2024 [13]
 Germany Europe 345,338 Increase 9,863 91,071 Decrease 9,275 1 Oct 2024 [14]
 Italy Europe 279,631 Increase 14,225 79,064 Increase 1,240 1 Nov 2024 [15]
 France Europe 272,693 Increase 1,132 66,641 Increase 143 1 Nov 2024 [16]
 United States Americas 253,767 Decrease 811 242,726 Decrease 811 22 Aug 2025 [17]
 Thailand Asia 237,866 Decrease 598 217,231 Increase 540 8 Nov 2024 [18]
 Mexico Americas 230,328 Increase 726 216,974 Increase 9 1 Nov 2024 [19]
 Poland Europe 223,200 Increase 4,800 188,140 Increase 1,257 7 Jan 2025 [20]
 Israel Asia 216,074 Decrease 4,303 — — 1 Nov 2024 [21]
 United Arab Emirates Asia 210,000 Increase 5,340 199,400 Increase 87 1 Nov 2024 [22]
 United Kingdom Europe 189,228 Increase 4,870 161,908 Decrease 5,910 1 Nov 2024 [23]
 Indonesia Asia 159,246 Increase 3,382 — — 1 Nov 2024 [24]
 Czech Republic Europe 149,416 Decrease 507 145,012 Decrease 168 1 Nov 2024 [25]
 Turkey Asia 138,100 Decrease 13,967 57,800 Decrease 31,960 16 May 2025 [26]
 Netherlands Europe 125,451 Increase 212 — — 1 Mar 2024 [27]
 Canada Americas 123,084 Decrease 4,990 — — 1 Nov 2024 [28]
 Malaysia Asia 119,700 Increase 17,459 113,877 Increase 14,225 1 Oct 2024 [29]
 Philippines Asia 112,434 Decrease 328 101,081 Decrease 41 1 Nov 2024 [30]
 Spain Europe 100,983 Increase 2.380 77,348 Increase 2,300 1 Nov 2024 [31]
 Iraq Asia 100,000 Decrease 15,000 — — 25 Mar 2024 [32]
 Vietnam Asia 93,342 Decrease 1,241 — — 1 Mar 2024 [33]
 Denmark Europe 93,196 Increase 763 88,450 Increase 273 1 Nov 2024 [34]
 Romania Europe 82,473 Increase 4,005 73,645 Increase 3,590 30 Sep 2024 [35]
 Belgium Europe 82,000 Increase 14,200 67,200 Decrease 79 1 Mar 2024 [36]
 Norway Europe 80,110 Increase 1430 — — 1 Oct 2024 [37]
 Peru Americas 73,483 Increase 201 — — 1 Mar 2024 [38]
 Libya Africa 70,524 Decrease 238 — — 1 Mar 2024 [39]
 Algeria Africa 68,028 Increase 1,880 — — 1 Mar 2024 [40]
 South Africa Africa 67,450 Increase 1,186 54,862 Increase 143 31 Mar 2025 [41]
 Australia Oceania 65,018 Increase 119 57,998 Decrease 267 7 Nov 2024 [42]
 Qatar Asia 64,560 Increase 8,931 — — 1 Mar 2024 [43]
 Sweden Europe 62,438 Decrease 271 52,395 Decrease 209 7 Nov 2024 [44]
 Colombia Americas 57,269 Increase 124 — — 8 Mar 2024 [45]
 Portugal Europe 53,710 Decrease 7,800 — — 1 Mar 2024 [46]
 Kuwait Asia 46,420 Increase 1,112 — — 1 Mar 2024 [47]
 Chile Americas 42,527 Increase 2,373 — — 1 Mar 2024 [48]
 Hungary Europe 41,344 Increase 4,749 — — 1 Mar 2024 [49]
 Ukraine Europe 40,507 Decrease 1,212 — — 1 Mar 2024 [50]
 Bulgaria Europe 35,395 Decrease 692 — — 1 Mar 2024 [51]
 Egypt Africa 35,310 Increase 3,161 — — 1 Mar 2024 [52]
 Nigeria Africa 34,980 Increase 465 — — 1 Mar 2024 [53]
 Austria Europe 34,856 Increase 954 34,671 Decrease 187 1 Mar 2024 [54]
 Kazakhstan Asia 34,500 Decrease 938 — — 1 Mar 2024 [55]
 Uzbekistan Asia 32,195 Decrease 950 — — 1 Mar 2024 [56]
 Morocco Africa 32,037 Increase 213 — — 1 Mar 2024 [57]
 New Zealand Oceania 31,712 Increase 1,916 — — 1 Mar 2024 [58]
 Bangladesh Asia 31,680 Increase 370 — — 30 Jun 2025 [59]
 Serbia Europe 31,119 Increase 4.227 — — 9 Aug 2024 [60]
 Iran Asia 24,300 Increase 1,641 23,600 Increase 210 1 Mar 2024 [61]
 Macau Asia 24,283 Decrease 1,566 — — 1 Mar 2024 [62]
 Guatemala Americas 21,390 Increase 1,300 — — 1 Mar 2024 [63]
 Argentina Americas 20,846 Decrease 2,090 — — 1 Mar 2024 [64]
 Turkmenistan Asia 20,600 Decrease 45 — — 1 Mar 2024 [65]
 Cambodia Asia 18,496 Decrease 67 — — 1 Mar 2024 [66]
 Jordan Asia 18,765 Increase 187 — — 1 Mar 2024 [67]
 Nepal Asia 18,400 Increase 1,857 — — 11 Mar 2024 [68]
 Oman Asia 16,163 Increase 548 — — 1 Mar 2024 [69]
 Pakistan Asia 15,965 Increase 34 — — 8 Nov 2024 [70]
 Uruguay Americas 15,449 Decrease 1.176 15,441 Decrease 11 1 Mar 2024 [71]
 Lebanon Asia 14,738 Decrease 692 — — 1 Mar 2024 [72]
 Dominican Republic Americas 14,371 Increase 1,145 — — 1 Mar 2024 [73]
 Angola Africa 14,200 Decrease 40 — — 15 Mar 2024 [74]
 Costa Rica Americas 13,200 Increase 320 — — 1 Mar 2024 [75]
 Ireland Europe 12,599 Decrease 130 11,874 Decrease 2 1 Mar 2024 [76]
 Azerbaijan Asia 11,650 Increase 142 — — 1 Mar 2024 [77]
 Ivory Coast Africa 9,800 Decrease 18 — — 1 Mar 2024 [78]
 Paraguay Americas 9,707 Increase 805 9,168 Increase 7 1 Mar 2024 [79]
 North Korea Asia 9,109 Increase 73 — — 1 Mar 2024 [80]
 Bosnia and Herzegovina Europe 8,711 Decrease 391 — — 1 Mar 2024 [81]
 Belarus Europe 8,697 Increase 165 4,333 Increase 19 31 Aug 2024 [82]
 Tunisia Africa 8,623 Increase 539 — — 21 Mar 2024 [83]
 Finland Europe 7,995 Decrease 22 — — 1 Mar 2024 [84]
 Slovakia Europe 7,650 Increase 441 — — 1 Mar 2024 [85]
 Honduras Americas 7,390 Decrease 580 — — 21 Mar 2024 [86]
 Tanzania Africa 7,022 Increase 600 — — 22 Mar 2024 [87]
 Iceland Europe 6,847 Increase 24 6,668 Increase 9 15 Mar 2024 [88]
 Myanmar Asia 6,700 Increase 800 — — 1 Mar 2024 [89]
 Sri Lanka Asia 6,467 Increase 475 6,425 Increase 2 31 Oct 2024 [90]
 Panama Americas 6,143 Decrease 200 — — 1 Mar 2024 [91]
 Venezuela Americas 5,908 Decrease 776 — — 1 Mar 2024 [92]
 Trinidad and Tobago Americas 5,800 Decrease 44 — — 18 Mar 2024 [93]
 Moldova Europe 5,600 Decrease 600 — — 30 Aug 2024 [94]
 Mauritius Africa 5,591 Decrease 196 5,497 Decrease 27 1 Mar 2024 [95]
 Bahrain Asia 5,500 Increase 128 — — 25 Mar 2024 [96]
 Albania Europe 5,290 Decrease 200 5,290 Increase 47 31 Apr 2024 [97]
 Georgia Europe 5,224 Decrease 25.58 — — 25 Mar 2024 [98]
 Mongolia Asia 5,120 Increase 500 — — 20 Mar 2024 [99]
 Botswana Africa 5,080 Decrease 267 — — 1 Mar 2024 [100]
 Jamaica Americas 4,921 Increase 300 — — 5 Mar 2024 [101]
 Lithuania Europe 4,900 Decrease 440 — — 1 Mar 2024 [102]
 Vatican City Europe 4,339 Increase 950 — — 1 Mar 2024 [103]
 Armenia Asia 4,298 Increase 600 — — 25 Mar 2024 [104]
 Nicaragua Americas 3,980 Increase 1,100 — — 1 Mar 2024 [105]
 Greece Europe 3,926 Increase 107 3,869 Decrease 8 1 Mar 2024 [106]
 Latvia Europe 3,913 Increase 13 — — 1 Mar 2024 [107]
 Uganda Africa 3,700 Decrease 259 — — 1 Mar 2024 [108]
 Andorra Europe 3,689 Increase 11 — — 20 Mar 2024 [109]
 Brunei Asia 3,664 Increase 107 — — 1 Mar 2024 [110]
 Cameroon Africa 3,459 Decrease 180 — — 1 Mar 2024 [111]
 Ethiopia Africa 3,430 Decrease 170 — — 1 Mar 2024 [112]
 Ghana Africa 3,368 Increase 452 — — 1 Mar 2024 [113]
 Ecuador Americas 3,305 Increase 747 — — 1 Mar 2024 [114]
 Kyrgyzstan Asia 2,976 Increase 193 — — 1 Mar 2024 [115]
 Croatia Europe 2,935 Increase 159 — — 1 Mar 2024 [116]
 Slovenia Europe 2,519 Increase 62 — — 1 Mar 2024 [117]
 El Salvador Americas 2,510 Increase 39 — — 1 Mar 2024 [118]
 Cuba Americas 2,500 Decrease 10,391 — — 15 Mar 2024 [119]
 Kenya Africa 2,490 Increase 1,073 — — 5 Mar 2024 [120]
 Papua New Guinea Oceania 2,339 Increase 500 — — 1 Mar 2024 [121]
 Haiti Americas 2,296 Decrease 1,256 — — 1 Mar 2024 [122]
 Estonia Europe 2,065 Decrease 145 — — 1 Mar 2024 [123]
 Namibia Africa 2,019 Decrease 25 — — 1 Mar 2024 [124]
 Bahamas Americas 1,758 Increase 85 — — 1 Mar 2024 [125]
 Bolivia Americas 1,769 Decrease 471 — — 1 Mar 2024 [126]
 Madagascar Africa 1,620 Increase 127 — — 19 Mar 2024 [127]
 Montenegro Europe 1,558 Increase 26 — — 1 Mar 2024 [128]
 Mauritania Africa 1,493 Increase 37 — — 1 Mar 2024 [129]
 Tajikistan Asia 1,482 Decrease 19 — — 1 Mar 2024 [130]
 Rwanda Africa 1,458 Decrease 7 — — 1 Mar 2024 [131]
 Zambia Africa 1,433 Decrease 16 — — 1 Mar 2024 [132]
 Guinea Africa 1,425 Increase 33 — — 15 Mar 2024 [133]
 Gabon Africa 1,377 Decrease 90 — — 1 Mar 2024 [134]
 Cyprus Asia 1,271 Increase 200 — — 1 Mar 2024 [135]
 Luxembourg Europe 1,119 Decrease 34 — — 5 Mar 2024 [136]
 Laos Asia 1,099 Increase 23 — — 1 Mar 2024 [137]
 Curaçao Americas 1,080 Increase 30 — — 20 Mar 2024 [138]
 Fiji Oceania 1,065 Increase 22 — — 5 Mar 2024 [139]
 Niger Africa 1,053 Increase 24 — — 1 Mar 2024 [140]
 Aruba Americas 1,017 Increase 30 — — 15 Mar 2024 [141]
 Bhutan Asia 972 Decrease 3 — — 10 Mar 2024 [142]
 Kosovo Europe 950 Decrease 15 — — 1 Mar 2024 [143]
 Malta Europe 937 Increase 9 — — 20 Mar 2024 [144]
 Lesotho Africa 785 Increase 11 — — 1 Mar 2024 [145]
 Barbados Americas 770 Decrease 2 — — 1 Mar 2024 [146]
 San Marino Europe 716 Increase 243 — — 1 Mar 2024 [147]
 Cape Verde Africa 712 Decrease 25 — — 1 Mar 2024 [148]
 Gambia Africa 698 Increase 6 — — 1 Mar 2024 [149]
 Palestine Asia 671 Decrease 12 — — 1 Mar 2024 [150]
 Timor-Leste Asia 654 Decrease 2 — — 1 Mar 2024 [151]
 Suriname Americas 647 Increase 30 — — 8 Mar 2024 [152]
 Sierra Leone Africa 624 Decrease 2 — — 2 Mar 2024 [153]
 Mali Africa 604 Decrease 19 — — 1 Mar 2024 [154]
 Maldives Asia 588 Decrease 180 — — 1 Mar 2024 [155]
 Guyana Americas 553 Decrease 20 — — 10 Mar 2024 [156]
 Solomon Islands Oceania 551 Increase 24 — — 8 Mar 2024 [157]
 Seychelles Africa 546 Decrease 19 — — 1 Mar 2024 [158]
 Vanuatu Oceania 509 Decrease 2 — — 1 Mar 2024 [159]
 Democratic Republic of the Congo Africa 505 Decrease 160 — — 14 Mar 2024 [160]
 Djibouti Africa 504 Increase 3 — — 1 Mar 2024 [161]
 Malawi Africa 488 Increase 17 — — 1 Mar 2024 [162]
 Eswatini Africa 467 Increase 27 — — 1 Mar 2024 [163]
 Afghanistan Asia 443 Decrease 32 — — 1 Oct 2024 [164]
 Republic of the Congo Africa 443 Increase 20 — — 1 Mar 2024 [165]
 Syria Asia 401 Decrease 16 — — 1 Mar 2024 [166]
 Federated States of Micronesia Oceania 395 Decrease 2 — — 1 Mar 2024 [167]
 Central African Republic Africa 375 Increase 14 — — 1 Mar 2024 [168]
 Saint Kitts and Nevis Americas 365 Decrease 14 — — 1 Mar 2024 [169]
 Liberia Africa 342 Decrease 7 — — 1 Mar 2024 [170]
 Guinea-Bissau Africa 329 Decrease 3 — — 1 Mar 2024 [171]
 Antigua and Barbuda Americas 285 Increase 6 — — 1 Mar 2024 [172]
 Belize Americas 281 Increase 4 — — 1 Mar 2024 [173]
 Saint Lucia Americas 258 Decrease 2 — — 1 Mar 2024 [174]
 Yemen Asia 250 Increase 5 — — 1 Mar 2024 [175]
 Grenada Americas 247 Increase 11 — — 1 Mar 2024 [176]
 Tonga Oceania 226 Decrease 3 — — 1 Mar 2024 [177]
 Togo Africa 208 Decrease 7 — — 1 Mar 2024 [178]
 Comoros Africa 197 Decrease 5 — — 1 Mar 2024 [179]
 Saint Vincent and the Grenadines Americas 192 Decrease 1 — — 1 Mar 2024 [180]
 Eritrea Africa 189 Decrease 2 — — 1 Mar 2024 [181]
 Samoa Oceania 188 Increase 3 — — 1 Mar 2024 [182]
 São Tomé and Príncipe Africa 186 Increase 2 — — 1 Mar 2024 [183]
 Sudan Africa 172 Decrease 5 — — 1 Mar 2024 [184]
 Dominica Americas 168 Increase 6 — — 1 Mar 2024 [185]
 Senegal Africa 164 Increase 12 — — 1 Mar 2024 [186]
 Zimbabwe Africa 159 Increase 8 — — 1 Mar 2024 [187]
 Chad Africa 143 Decrease 4 — — 1 Mar 2024 [188]
 Burundi Africa 105 Decrease 6 — — 1 Mar 2024 [189]
 South Sudan Africa 80 Increase 7 — — 2 Mar 2024 [190]
 Benin Africa 69 Increase 9 — — 1 Mar 2024 [191]
 Montserrat Americas 54 Increase 5 — — 1 Mar 2024 [192]
 Equatorial Guinea Africa 46 Decrease 2 — — 1 Mar 2024 [193]
 Burkina Faso Africa 42 Decrease 3 — — 1 Mar 2024 [194]
 Somalia Africa 37 Increase 5 — — 1 Mar 2024 [195]
 Kiribati Oceania 8 Increase 2 — — 1 Mar 2024 [196]
 Mozambique Africa 4 Increase 0.8 — — 31 Jul 2025 [197]
 North Macedonia Europe 4 Increase 0.1 — — 31 Aug 2025 [198]

Top 5 forex reserves holders

Top five countries with the largest foreign exchange reserves have reserves of at least 500 billion USD and higher and have maintained such an amount for at least a month.[199][200]

Foreign exchange reserves for the top 5 countries[201]

China

China has the largest reserve since last 14 years.[202][203] The main composition of Chinese forex reserves is approximately two-thirds USD and one-fifth Euros with the rest made up of Japanese Yen and the British Pound. China was the second country to reach $500 billion and the first to reach $1 trillion in reserves. China is also the only country that reached net reserves of $2 trillion and $3 trillion. Chinese forex reserve reached over $3.993 trillion and possibly reached $4 trillion before July 2014 but there was no official figures to confirm it.

Japan

As of 2024, Japan holds one of the largest foreign exchange reserves globally—estimated between $1.2 trillion and $1.3 trillion—second only to China. Managed by the Bank of Japan (BOJ), these reserves are vital to the country's financial stability, supporting the yen, facilitating trade and investment, and serving as a buffer against economic shocks. Japan's reserves are highly diversified, consisting mainly of foreign currency assets such as U.S. dollars, euros, British pounds, and Australian dollars. A substantial portion is invested in U.S. Treasury securities, offering liquidity and returns. While Japan holds a relatively small proportion of gold—around 765 tons—it still considers it a traditional store of value. The country also holds Special Drawing Rights (SDRs), an IMF-backed international reserve asset. Japan’s reserve strategy has evolved over time, influenced by a deflationary domestic environment and global economic changes. Although the U.S. dollar remains dominant in Japan’s portfolio, the BOJ has gradually diversified into other currencies, including limited exposure to the Chinese yuan. Japan’s reserves have historically grown due to large trade surpluses, particularly with the U.S. and Asian markets. These reserves play a key role in stabilizing the yen and maintaining economic resilience amid shifting global conditions, such as changes in U.S. monetary policy or the rise of China in global trade. Overall, Japan’s foreign exchange reserves remain a cornerstone of its economic policy, aimed at ensuring liquidity, stability, and adaptability in a complex and interconnected global financial system.[204]

Switzerland

Switzerland has the third largest reserves in the world. Switzerland became the fifth country to reach $500 Billion in 2014 after Saudi Arabia and the third country to reach $1 trillion at the end of 2020. Swiss reserves are compiled in Swiss francs. After the 2008 financial crisis, the Swiss franc has significantly appreciated against other currencies due to Switzerland's traditional perceived safety which has attracted speculative foreign capital; due to the inflows of investment income by Swiss firms, and due to the large surplus in the trade of goods. To protect the real economy from the sudden speculative appreciation of the currency, the Swiss National Bank began intervening in the currency markets, first with an explicit target of a maximum exchange rate against the euro of 1.20CHF/EUR until 2015,[205] and then through implicit interventions. However, the resilience of the export sector and the continued inflows of capital, has meant that the Swiss Franc has kept appreciating.[206] As a result of this, the SNB has been unable to dispose of its large accumulated foreign exchange reserves since their sale would lead to an even greater appreciation of the currency.

India

India has the world's fourth largest reserves. On 4 June 2021 reserves exceeded $600 billion for the first time and they became the fifth country after Switzerland to do so.[207] During the 1991 Indian economic crisis country only had $5 billion of reserves left which led to subsequent economic liberalisation.[208] Since then the reserves have seen a 127 times increase over 30 years. In April 2024, Foreign-exchange reserves of India hit a fresh all-time high of $642.63 including 803.58 tons of gold reserves. Out of which 403.7 tons of gold is held with Bank of England and Bank for International Settlements, and rest is held domestically. It is done to provide a sense of security and to ensure diversification of risk by spreading gold holdings across multiple locations.[209] In May 2024, India decided to move all of its gold holding with the Bank of England to its domestic vaults, the first batch of 100 metric tonnes of its gold was moved back to India on 31 May 2024. This decision was primarily taken due to the West's unexpected sanctions during the Ukraine war on roughly $300 billion worth of Russian gold kept in various European countries, which caused a sense of insecurity within the Indian government and economic experts.[210][211]

Russia

As of 2024, Russia’s foreign exchange reserves remain a crucial element of its financial stability, comprising foreign currencies, gold, and other liquid assets managed by the Central Bank of Russia. Prior to its 2022 invasion of Ukraine, Russia had accumulated over $600 billion in reserves as a safeguard against economic shocks. However, following the invasion, Western nations imposed severe sanctions, including freezing approximately $300 billion of these reserves held in the U.S. and Europe. In response, Russia shifted its strategy to reduce reliance on Western financial systems. It increased its gold reserves—considered a secure asset not subject to the same sanctions as currencies—and diversified into non-Western currencies, particularly the Chinese yuan. This shift aligned with Russia’s broader move to strengthen economic ties with countries in Asia, Africa, and the Middle East, many of which are more open to using alternative currencies in trade. By 2024, Russia’s reserves were estimated between $570 billion and $600 billion, with a significant share in gold, yuan, and other non-traditional assets. The composition of these reserves continues to fluctuate due to changes in exchange rates and asset valuations. These diversified reserves help Russia stabilize the ruble, meet foreign debt obligations, and maintain the ability to intervene in currency markets when necessary. By reducing dependence on Western assets and financial infrastructure, Russia has bolstered its economic resilience and geopolitical independence in the face of ongoing sanctions and global financial pressures.[212]

Currency composition of forex reserves

The Currency Composition of Foreign Exchange Reserves (COFER) refers to the breakdown of the foreign exchange reserves held by central banks around the world, based on the currencies in which those reserves are denominated. These reserves are typically held in the form of deposits, bonds, and other liquid assets, and they play a critical role in managing a country's exchange rate policy, stabilizing its currency, and meeting international financial obligations. IMF releases the quarterly data on the currency composition of official foreign exchange reserves. The data are reported to the IMF on a voluntary and confidential basis. COFER data for individual countries are strictly confidential. At present there are 149 reporters,[a] consisting of member countries of the IMF, non-member countries/economies, and other foreign exchanges reserve holding entities. From Q4 2016, the data was expanded to include renminbi (CNY).[213] Monetary gold is not covered in COFER but included in reserved assets, a broader scope than that of COFER.[214]

Currency composition of foreign exchange reserves (COFER) (billion U.S$.)[213]
United StatesUSD European UnionEUR JapanJPY United KingdomGBP CanadaCAD ChinaCNY AustraliaAUD SwitzerlandCHF Other
currencies		 Unallocated
reserves		 Total
Time period
 2019 Q1 6,727.09 2,208.79 584.63 495.70 208.64 212.26 181.95 15.27 263.50 712.93 11,610.77
Q2 6,752.28 2,264.88 611.87 497.41 209.85 212.80 186.71 15.53 270.56 715.88 11,737.76
Q3 6,728.85 2,212.74 612.75 492.22 205.44 213.83 182.48 16.20 262.92 729.40 11,656.82
Q4 6,674.83 2,279.30 631.00 511.51 206.71 215.81 187.18 17.36 281.50 749.55 11,824.74
2020 Q1 6,794.91 2,197.30 624.97 486.08 195.13 221.48 170.16 16.05 255.53 770.32 11,731.94
Q2 6,902.01 2,272.44 643.70 504.36 215.47 233.68 190.34 17.22 278.67 754.11 12,011.98
Q3 6,927.16 2,359.61 668.19 523.64 231.10 247.44 199.51 19.30 283.16 787.44 12,246.56
Q4 6,990.97 2,526.41 715.35 561.39 246.57 271.60 216.87 20.74 314.63 841.14 12,705.67
2021 Q1 6,971.79 2,404.80 686.30 554.28 250.01 293.32 214.89 19.44 335.82 851.50 12,582.14
Q2 7,070.33 2,458.88 672.20 560.90 270.01 314.81 218.44 23.13 357.57 865.83 12,812.12
Q3 7,087.77 2,462.44 681.42 561.66 264.29 320.15 214.26 23.77 354.77 860.67 12,831.20
Q4 7,087.14 2,486.88 671.77 576.22 286.93 336.10 218.02 24.51 362.96 886.73 12,937.27
2022 Q1 6,868.97 2,328.35 626.44 569.45 286.02 330.03 221.91 29.48 387.80 858.65 12,507.09
Q2 6,645.02 2,187.63 572.65 538.73 275.75 308.22 209.14 27.63 358.62 858.26 11,981.65
Q3 6,426.89 2,086.40 560.11 489.95 260.92 281.12 204.78 24.78 358.59 841.74 11,535.29
Q4 6,460.21 2,252.06 608.17 543.11 262.62 287.81 217.08 25.31 383.64 877.79 11,917.81
2023 Q1 6,630.89 2,186.33 610.39 605.02 270.60 287.12 221.62 28.26 389.07 877.53 12,029.03
Q2 6,641.89 2,207.25 597.15 533.64 278.51 272.99 219.70 21.26 403.72 887.06 12,055.26
Q3 6,497.94 2,150.47 598.73 530.36 274.36 260.12 222.35 20.30 426.63 920.27 11,901.53
Q4 6,687.11 2,287.57 652.90 553.91 295.25 261.73 241.78 26.38 442.77 883.06 12,332.46
2024 Q1 6,774.82 2,253.79 654.52 562.48 295.64 247.10 248.42 21.93 439.56 885.35 12,383.61
Q2 6,675.82 2,265.29 641.07 565.92 306.85 245.17 256.45 22.43 486.89 881.90 12,347.42
Q3 6,786.40 2,372.30 690.00 589.70 324.40 257.80 268.70 19.80 534.70 905.90 12,750.11
Q4 6,631.30 2,275.90 667.10 542.40 317.90 249.60 235.90 19.70 532.80 892.10 12,364.11
2025 Q1 6,720.31 2,334.61 599.09 603.70 306.13 246.31 235.27 20.85 573.41 898.61 11,639.72
Q2 6,773.33 2,540.42 670.07 580.23 313.82 255.37 250.93 19.54 621.70 919.30 12,944.76
Q3
Q4
Forex reserve share by currencies[213]
  1. Claims in USD (60.8%)
  2. Claims in EUR (20.8%)
  3. Claims in JPY (5.90%)
  4. Claims in GBP (5.00%)
  5. Claims in CAD (2.70%)
  6. Claims in CNY (2.40%)
  7. Claims in AUD (2.20%)
  8. Claims in CHF (0.20%)

Key components of COFER

The U.S. dollar remains the dominant currency in global foreign exchange reserves, typically accounting for around 60% to 65% of total reserves, although this share has seen some gradual decline over the past few decades due to diversification trends. The euro is the second-largest currency held in reserves, making up around 20% to 25% of global reserves. The share of the euro fluctuates based on factors like the European Union's economic stability and the policies of the European Central Bank. The Chinese yuan (also known as the renminbi) has been increasingly used in foreign reserves, particularly after China became a part of the International Monetary Fund's Special Drawing Rights (SDR) basket in 2016. Its share is still relatively small compared to the USD and EUR, typically around 2% to 3%. The Japanese yen is another significant reserve currency, though its share is typically lower than the euro or yuan, usually around 4% to 5%. The British pound sterling holds a smaller but still notable portion of global reserves, typically around 4% to 5%. Several other currencies, such as the Swiss franc (CHF), Canadian dollar (CAD), and Australian dollar (AUD), also make up a small but significant portion of foreign reserves. However, none of these currencies surpass the USD, EUR, or JPY in terms of global reserves. The SDR is an international reserve asset created by the International Monetary Fund (IMF). It is not a currency but rather a potential claim on the freely usable currencies of IMF member countries. The SDR basket includes the U.S. dollar, euro, Chinese yuan, Japanese yen, and British pound. While SDRs are not used as widely as the major currencies, some countries include them in their reserves.[215]

In recent years, many central banks have diversified their foreign exchange reserves away from the U.S. dollar, driven by geopolitical risks, the desire to reduce dependency on the dollar, and the increasing importance of the Chinese yuan. However, this shift has been gradual, and the USD continues to dominate. Major events, such as the 2008 financial crisis, the COVID-19 pandemic, and fluctuations in global trade patterns, have affected how countries allocate their foreign exchange reserves. For example, during periods of heightened uncertainty, central banks may increase their reserves in safe-haven currencies like the U.S. dollar and the Swiss franc. China's increasing global economic influence has prompted a rise in the use of the yuan for trade and reserve purposes. The International Monetary Fund's inclusion of the yuan in the SDR basket in 2016 further legitimized its use as a global reserve currency.[216]

Why the composition matters

The currency composition of foreign exchange reserves affects global financial markets, interest rates, and currency valuations. A high concentration in a single currency (especially the U.S. dollar) can lead to vulnerabilities in times of global economic stress. Conversely, diversification into other currencies may provide greater stability but also presents challenges in terms of liquidity and market depth. For example, during the early stages of the COVID-19 pandemic, many countries increased their foreign exchange reserves to prepare for potential financial disruptions, and the U.S. dollar surged temporarily as investors sought safety. However, over time, countries may seek to reduce their reliance on the U.S. dollar, especially if they are concerned about inflationary pressures or geopolitical risks linked to U.S. policy.[217]

See also

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  214. ^ "FAQs". Currency Composition of Official Foreign Exchange Reserves. International Monetary Fund. Archived from the original on 23 April 2021. Retrieved 22 August 2020.
  215. ^ "Key Components of COFER". Currency Composition of Official Foreign Exchange Reserves. International Monetary Fund. Archived from the original on 23 April 2021. Retrieved 22 August 2020.
  216. ^ "Trends and Shifts in Currency Composition". Currency Composition of Official Foreign Exchange Reserves. International Monetary Fund. Archived from the original on 23 April 2021. Retrieved 22 August 2020.
  217. ^ "Why the Composition Matters". Currency Composition of Official Foreign Exchange Reserves. International Monetary Fund. Archived from the original on 23 April 2021. Retrieved 22 August 2020.

Notes

  1. ^ 149 COFER participant countries are Afghanistan, Albania, Algeria, Andorra, Angola, Antigua and Barbuda, Argentina, Armenia, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Benin, Bhutan, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi, Cabo Verde, Cambodia, Cameroon, Canada, Central African Republic, Chad, Chile, China, Colombia, Comoros, Congo (Congo-Brazzaville), Costa Rica, Croatia, Cuba, Cyprus, Czech Republic, Democratic Republic of the Congo (DRC), Denmark, Djibouti, Dominica, Dominican Republic, East Timor (Timor-Leste), Ecuador, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Eswatini, Ethiopia, Fiji, Finland, France, Gabon, Gambia, Georgia, Germany, Ghana, Greece, Grenada, Guatemala, Guinea, Guinea-Bissau, Guyana, Haiti, Honduras, Hungary, Iceland, India, Indonesia, Iran, Iraq, Ireland, Israel, Italy, Ivory Coast (Côte d'Ivoire), Jamaica, Japan, Jordan, Kazakhstan, Kenya, Kiribati, Korea, Democratic People's Republic of (North Korea), Korea, Republic of (South Korea), Kuwait, Kyrgyzstan, Laos, Latvia, Lebanon, Lesotho, Liberia, Libya, Liechtenstein, Lithuania, Luxembourg, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Mauritania, Mauritius, Mexico, Micronesia (Federated States of), Moldova, Monaco, Mongolia, Montenegro, Morocco, Mozambique, Myanmar (Burma), Namibia, Nauru, Nepal, Netherlands, New Zealand, Nicaragua, Niger, Nigeria, North Macedonia, Norway, Oman, Pakistan, Palau, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Poland, Portugal, Qatar, Romania, Rwanda, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe.
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