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List of countries by foreign-exchange reserves

From Wikipedia - Reading time: 37 min

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 Swiss franc, the Indian rupees 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]

Country-wise forex reserves

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  • 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 & the risks associated with it, hence there are no values in excluding gold column.
Country
(as recognized by the U.N.) 		U.N. Geoscheme Forex reserves including gold Forex reserves excluding gold Ref.
Continent Sub-region U.S.$
millions 		Last
reported
date 		Change U.S.
millions 		Last
reported
date 		Change
 China Asia East Asia 3,571,803 31 Oct 2024 Increase 21,957 3,380,334 31 Oct 2024 Increase 415 [3]
 Japan Asia East Asia 1,238,950 1 Nov 2024 Decrease 15,948 1,164,583 1 Nov 2024 Decrease 18,782 [4]
 Switzerland Europe Western Europe 952,687 30 Sep 2024 Increase 1,127 864,519 30 Sep 2024 Increase 604 [5]
 India Asia South Asia 657,890 15 Nov 2024 Decrease 17,700 592,040 15 Nov 2024 Decrease 15,645 [6][7]
 Russia Europe Eastern Europe 620,800 8 Nov 2024 Decrease 11,900 428,534 8 Nov 2024 Decrease 7,935 [8]
 Taiwan Asia East Asia 576,846 7 Nov 2024 Decrease 1,083 544,300 7 Nov 2024 Decrease 1,071 [9]
 Saudi Arabia Asia West Asia 434,547 7 Nov 2024 Decrease 21,728 434,116 7 Nov 2024 Decrease 21,728 [10]
 Hong Kong Asia East Asia 421,400 8 Nov 2024 Increase 5,126 416,216 8 Nov 2024 Increase 85 [11]
 South Korea Asia East Asia 415,700 5 Nov 2024 Decrease 4,300 410,900 5 Nov 2024 Decrease 790 [12]
 Brazil Americas South America 388,571 1 Oct 2024 Increase 7,465 344,173 1 Oct 2024 Decrease 361 [13]
 Singapore Asia Southeast Asia 383,721 7 Nov 2024 Decrease 5,907 374,809 7 Nov 2024 Decrease 156 [14]
 Germany Europe Western Europe 345,338 1 Oct 2024 Increase 9,863 91,071 1 Oct 2024 Decrease 9,275 [15]
 Italy Europe Southern Europe 279,631 1 Nov 2024 Increase 14,225 79,064 1 Nov 2024 Increase 1,240 [16]
 France Europe Western Europe 272,693 1 Nov 2024 Increase 1,132 66,641 1 Nov 2024 Increase 143 [17]
 United States Americas Northern America 243,610 1 Nov 2024 Decrease 1,406 232,569 1 Nov 2024 Increase 25 [18]
 Thailand Asia Southeast Asia 237,866 8 Nov 2024 Decrease 598 217,231 8 Nov 2024 Increase 540 [19]
 Mexico Americas Central America 230,328 1 Nov 2024 Increase 726 216,974 1 Nov 2024 Increase 9 [20]
 Israel Asia West Asia 216,074 1 Nov 2024 Decrease 4,303 — — — [21]
 Poland Europe Eastern Europe 215,300 7 Nov 2024 Decrease 1,524 188,140 7 Nov 2024 Increase 1,257 [22]
 United Arab Emirates Asia West Asia 210,000 1 Nov 2024 Increase 5,340 199,400 1 Nov 2024 Increase 87 [23]
 United Kingdom Europe Northern Europe 189,228 1 Nov 2024 Increase 4,870 161,908 1 Nov 2024 Decrease 5,910 [24]
 Indonesia Asia Southeast Asia 159,246 1 Nov 2024 Increase 3,382 — — — [25]
 Turkey Asia West Asia 152,067 1 Oct 2024 Decrease 1,691 89,760 1 Oct 2024 Decrease 153 [26]
 Czech Republic Europe Eastern Europe 149,416 1 Nov 2024 Decrease 507 145,012 1 Nov 2024 Decrease 168 [27]
 Netherlands Europe Western Europe 125,451 1 Mar 2024 Increase 212 — — — [28]
 Canada Americas Northern America 123,084 1 Nov 2024 Decrease 4,990 — — — [29]
 Malaysia Asia Southeast Asia 119,700 1 Oct 2024 Increase 17,459 113,877 1 Oct 2024 Increase 14,225 [30]
 Philippines Asia Southeast Asia 112,434 1 Nov 2024 Decrease 328 101,081 1 Nov 2024 Decrease 41 [31]
 Spain Europe Southern Europe 100,983 1 Nov 2024 Increase 2.380 77,348 1 Nov 2024 Increase 2,300 [32]
 Iraq Asia West Asia 100,000 25 Mar 2024 Decrease 15,000 — — — [33]
 Vietnam Asia Southeast Asia 93,342 1 Mar 2024 Decrease 1,241 — — — [34]
 Denmark Europe Northern Europe 93,196 1 Nov 2024 Increase 763 88,450 1 Nov 2024 Increase 273 [35]
 Romania Europe Eastern Europe 82,473 30 Sep 2024 Increase 4,005 73,645 30 Sep 2024 Increase 3,590 [36]
 Belgium Europe Western Europe 82,000 1 Mar 2024 Increase 14,200 67,200 1 Mar 2024 Decrease 79 [37]
 Norway Europe Northern Europe 80,110 1 Oct 2024 Increase 1430 — — — [38]
 Peru Americas South America 73,483 1 Mar 2024 Increase 201 — — — [39]
 Libya Africa North Africa 70,524 1 Mar 2024 Decrease 238 — — — [40]
 Algeria Africa North Africa 68,028 1 Mar 2024 Increase 1,880 — — — [41]
 Australia Oceania Australasia 65,018 7 Nov 2024 Increase 119 57,998 7 Nov 2024 Decrease 267 [42]
 Qatar Asia West Asia 64,560 1 Mar 2024 Increase 8,931 — — — [43]
 Sweden Europe Northern Europe 62,438 7 Nov 2024 Decrease 271 52,395 7 Nov 2024 Decrease 209 [44]
 Colombia Americas South America 57,269 8 Mar 2024 Increase 124 — — — [45]
 Portugal Europe Southern Europe 53,710 1 Mar 2024 Decrease 7,800 — — — [46]
 South Africa Africa Southern Africa 53,473 7 Mar 2024 Increase 504 45,293 7 Mar 2024 Increase 49 [47]
 Kuwait Asia West Asia 46,420 1 Mar 2024 Increase 1,112 — — — [48]
 Chile Americas South America 42,527 1 Mar 2024 Increase 2,373 — — — [49]
 Ukraine Europe Eastern Europe 40,507 1 Mar 2024 Decrease 1,212 — — — [50]
 Hungary Europe Eastern Europe 41,344 1 Mar 2024 Increase 4,749 — — — [51]
 Bulgaria Europe Eastern Europe 35,395 1 Mar 2024 Decrease 692 — — — [52]
 Egypt Africa North Africa 35,310 1 Mar 2024 Increase 3,161 — — — [53]
 Nigeria Africa West Africa 34,980 1 Mar 2024 Increase 465 — — — [54]
 Austria Europe Western Europe 34,856 1 Mar 2024 Increase 954 34,671 1 Mar 2024 Decrease 187 [55]
 Kazakhstan Asia Central Asia 34,500 1 Mar 2024 Decrease 938 — — — [56]
 Uzbekistan Asia Central Asia 32,195 1 Mar 2024 Decrease 950 — — — [57]
 Morocco Africa North Africa 32,037 1 Mar 2024 Increase 213 — — — [58]
 New Zealand Oceania Australasia 31,712 1 Mar 2024 Increase 1,916 — — — [59]
 Serbia Europe Southern Europe 31,119 9 Aug 2024 Increase 4.227 — — — [60][61]
 Bangladesh Asia South Asia 25,500 1 Nov 2024 Increase 637 — — — [62]
 Iran Asia West Asia 24,300 1 Mar 2024 Increase 1,641 23,600 1 Mar 2024 Increase 210 [63]
 Macau Asia East Asia 24,283 1 Mar 2024 Decrease 1,566 — — — [64]
 Guatemala Americas Central America 21,390 1 Mar 2024 Increase 1,300 — — — [65]
 Argentina Americas South America 20,846 1 Mar 2024 Decrease 2,090 — — — [66]
 Turkmenistan Asia Central Asia 20,600 1 Mar 2024 Decrease 45 — — — [67]
 Cambodia Asia Southeast Asia 18,496 1 Mar 2024 Decrease 67 — — — [68]
 Jordan Asia West Asia 18,765 1 Mar 2024 Increase 187 — — — [69]
 Nepal Asia South Asia 18,400 11 Mar 2024 Increase 1,857 — — — [70]
 Oman Asia West Asia 16,163 1 Mar 2024 Increase 548 — — — [71]
 Pakistan Asia South Asia 15,965 8 Nov 2024 Increase 34 — — — [72]
 Uruguay Americas South America 15,449 1 Mar 2024 Decrease 1.176 15,441 1 Mar 2024 Decrease 11 [73]
 Lebanon Asia West Asia 14,738 1 Mar 2024 Decrease 692 — — — [74]
 Dominican Republic Americas Caribbean 14,371 1 Mar 2024 Increase 1,145 — — — [75]
 Angola Africa Central Africa 14,200 15 Mar 2024 Decrease 40 — — — [76]
 Costa Rica Americas Central America 13,200 1 Mar 2024 Increase 320 — — — [77]
 Ireland Europe Northern Europe 12,599 1 Mar 2024 Decrease 130 11,874 1 Mar 2024 Decrease 2 [78]
 Azerbaijan Asia West Asia 11,650 1 Mar 2024 Increase 142 — — — [79]
 Ivory Coast Africa West Africa 9,800 1 Mar 2024 Decrease 18 — — — [80]
 Paraguay Americas South America 9,707 1 Mar 2024 Increase 805 9,168 1 Mar 2024 Increase 7 [81]
 Bosnia and Herzegovina Europe Southern Europe 8,711 1 Mar 2024 Decrease 391 — — — [82]
 Tunisia Africa North Africa 8,623 21 Mar 2024 Increase 539 — — — [83]
 North Korea Asia East Asia 9,109 1 Mar 2024 Increase 73 — — — [84]
 Finland Europe Northern Europe 7,995 1 Mar 2024 Decrease 22 — — — [85]
 Slovakia Europe Eastern Europe 7,650 1 Mar 2024 Increase 441 — — — [86]
 Honduras Americas Central America 7,390 21 Mar 2024 Decrease 580 — — — [87]
 Tanzania Africa Southern Africa 7,022 22 Mar 2024 Increase 600 — — — [88]
 Iceland Europe Northern Europe 6,847 15 Mar 2024 Increase 24 6,668 15 Mar 2024 Increase 9 [89]
 Myanmar Asia Southeast Asia 6,700 1 Mar 2024 Increase 800 — — — [90]
 Sri Lanka Asia South Asia 6,467 31 Oct 2024 Increase 475 6,425 31 Oct 2024 Increase 2 [91]
 Panama Americas Central America 6,143 1 Mar 2024 Decrease 200 — — — [92]
 Venezuela Americas South America 5,908 1 Mar 2024 Decrease 776 — — — [93]
 Trinidad and Tobago Americas Caribbean 5,800 18 Mar 2024 Decrease 44 — — — [94]
 Moldova Europe Eastern Europe 5,600 30 Aug 2024 Decrease 600 — — — [95]
 Mauritius Africa Southern Africa 5,591 1 Mar 2024 Decrease 196 5,497 1 Mar 2024 Decrease 27 [96]
 Bahrain Asia West Asia 5,500 25 Mar 2024 Increase 128 — — — [97]
 Albania Europe Southern Europe 5,290 31 Apr 2024 Decrease 200 5,290 31 Apr 2024 Increase 47 [98]
 Georgia Europe Eastern Europe 5,224 25 Mar 2024 Decrease 25.58 — — — [99]
 Mongolia Asia East Asia 5,120 20 Mar 2024 Increase 500 — — — [100]
 Botswana Africa Southern Africa 5,080 1 Mar 2024 Decrease 267 — — — [101]
 Jamaica Americas Caribbean 4,921 5 Mar 2024 Increase 300 — — — [102]
 Lithuania Europe Northern Europe 4,900 1 Mar 2024 Decrease 440 — — — [103]
 Vatican City Europe Southern Europe 4,339 1 Mar 2024 Increase 950 — — — [104]
 Armenia Asia West Asia 4,298 25 Mar 2024 Increase 600 — — — [105]
 Nicaragua Americas Central America 3,980 1 Mar 2024 Increase 1,100 — — — [106]
 Greece Europe Southern Europe 3,926 1 Mar 2024 Increase 107 3,869 1 Mar 2024 Decrease 8 [107]
 Latvia Europe Northern Europe 3,913 1 Mar 2024 Increase 13 — — — [108]
 Uganda Africa East Africa 3,700 1 Mar 2024 Decrease 259 — — — [109]
 Andorra Europe Southern Europe 3,689 20 Mar 2024 Increase 11 — — — [110]
 Brunei Asia West Asia 3,664 1 Mar 2024 Increase 107 — — — [111]
 Cameroon Africa East Africa 3,459 1 Mar 2024 Decrease 180 — — — [112]
 Ethiopia Africa East Africa 3,430 1 Mar 2024 Decrease 170 — — — [113]
 Ghana Africa West Africa 3,368 1 Mar 2024 Increase 452 — — — [114]
 Ecuador Americas South America 3,305 1 Mar 2024 Increase 747 — — — [115]
 Belarus Europe Eastern Europe 8,697 31 Aug 2024 Increase 165 4,333 31 Aug 2024 Increase 19 [116]
 Kyrgyzstan Asia Central Asia 2,976 1 Mar 2024 Increase 193 — — — [117]
 Croatia Europe Southern Europe 2,935 1 Mar 2024 Increase 159 — — — [118]
 Slovenia Europe Eastern Europe 2,519 1 Mar 2024 Increase 062 — — — [119]
 El Salvador Americas Central America 2,510 1 Mar 2024 Increase 39 — — — [120]
 Cuba Americas Caribbean 2,500 15 Mar 2024 Decrease 10,391 — — — [121]
 Kenya Africa East Africa 2,490 5 Mar 2024 Increase 1,073 — — — [122]
 Papua New Guinea Oceania Melanesia 2,339 1 Mar 2024 Increase 500 — — — [123]
 Haiti Americas Caribbean 2,296 1 Mar 2024 Decrease 1,256 — — — [124]
 Estonia Europe Northern Europe 2,065 1 Mar 2024 Decrease 145 — — — [125]
 Namibia Africa Southern Africa 2,019 1 Mar 2024 Decrease 25 — — — [126]
 Bahamas Americas Caribbean 1,758 1 Mar 2024 Increase 85 — — — [127]
 Bolivia Americas South America 1,769 1 Mar 2024 Decrease 471 — — — [128]
 Madagascar Africa Southern Africa 1,620 19 Mar 2024 Increase 127 — — — [129]
 Montenegro Europe Southern Europe 1,558 1 Mar 2024 Increase 26 — — — [130]
 Mauritania Africa Southern Africa 1,493 1 Mar 2024 Increase 37 — — — [131]
 Tajikistan Asia Central Asia 1,482 1 Mar 2024 Decrease 19 — — — [132]
 Rwanda Africa East Africa 1,458 1 Mar 2024 Decrease 7 — — — [133]
 Zambia Africa Southern Africa 1,433 1 Mar 2024 Decrease 16 — — — [134]
 Guinea Africa West Africa 1,425 15 Mar 2024 Increase 33 — — — [135]
 Gabon Africa Central Africa 1,377 1 Mar 2024 Decrease 90 — — — [136]
 Cyprus Asia West Asia 1,271 1 Mar 2024 Increase 200 — — — [137]
 Luxembourg Europe Western Europe 1,119 5 Mar 2024 Decrease 34 — — — [138]
 Laos Asia Southeast Asia 1,099 1 Mar 2024 Increase 23 — — — [139]
 Curaçao Americas Caribbean 1,080 20 Mar 2024 Increase 30 — — — [140]
 Fiji Oceania Melanesia 1,065 5 Mar 2024 Increase 22 — — — [141]
 Niger Africa West Africa 1,053 1 Mar 2024 Increase 24 — — — [142]
 Aruba Americas Caribbean 1,017 15 Mar 2024 Increase 30 — — — [143]
 Bhutan Asia South Asia 972 10 Mar 2024 Decrease 3 — — — [144]
 Kosovo Europe Southern Europe 950 1 Mar 2024 Decrease 15 — — — [145]
 Malta Europe Southern Europe 937 20 Mar 2024 Increase 9 — — — [146]
 Lesotho Africa Southern Africa 785 1 Mar 2024 Increase 11 — — — [147]
 Barbados Americas Caribbean 770 1 Mar 2024 Decrease 2 — — — [148]
 Cape Verde Africa West Africa 712 1 Mar 2024 Decrease 25 — — — [149]
 San Marino Europe Southern Europe 716 1 Mar 2024 Increase 243 — — — [150]
 Gambia Africa West Africa 698 1 Mar 2024 Increase 6 — — — [151]
 Palestine Asia West Asia 671 1 Mar 2024 Decrease 12 — — — [152]
 Timor-Leste Asia Southeast Asia 654 1 Mar 2024 Decrease 2 — — — [153]
 Suriname Americas South America 647 8 Mar 2024 Increase 30 — — — [154]
 Sierra Leone Africa West Africa 624 2 Mar 2024 Decrease 2 — — — [155]
 Mali Africa Southern Africa 604 1 Mar 2024 Decrease 19 — — — [156]
 Maldives Asia South Asia 588 1 Mar 2024 Decrease 180 — — — [157]
 Guyana Americas South America 553 10 Mar 2024 Decrease 20 — — — [158]
 Solomon Islands Oceania Melanesia 551 8 Mar 2024 Increase 24 — — — [159]
 Seychelles Africa Southern Africa 546 1 Mar 2024 Decrease 19 — — — [160]
 Vanuatu Oceania Melanesia 509 1 Mar 2024 Decrease 2 — — — [161]
 Democratic Republic of the Congo Africa Southern Africa 505 14 Mar 2024 Decrease 160 — — — [162]
 Djibouti Africa East Africa 504 1 Mar 2024 Increase 3 — — — [163]
 Malawi Africa East Africa 488 1 Mar 2024 Increase 17 — — — [164]
 Eswatini Africa Southern Africa 467 1 Mar 2024 Increase 27 — — — [165]
 Afghanistan Asia South Asia 443 1 Oct 2024 Decrease 32 — — — [166]
 Republic of the Congo Africa Central Africa 443 1 Mar 2024 Increase 20 — — — [167]
 Syria Asia West Asia 401 1 Mar 2024 Decrease 16 — — — [168]
 Federated States of Micronesia Oceania Micronesia 395 1 Mar 2024 Decrease 2 — — — [169]
 Central African Republic Africa Central Africa 375 1 Mar 2024 Increase 14 — — — [170]
 Saint Kitts and Nevis Americas Caribbean 365 1 Mar 2024 Decrease 14 — — — [171]
 Liberia Africa West Africa 342 1 Mar 2024 Decrease 7 — — — [172]
 Guinea-Bissau Africa West Africa 329 1 Mar 2024 Decrease 3 — — — [173]
 Antigua and Barbuda Americas Caribbean 285 1 Mar 2024 Increase 6 — — — [174]
 Belize Americas Central America 281 1 Mar 2024 Increase 4 — — — [175]
 Saint Lucia Americas Caribbean 258 1 Mar 2024 Decrease 2 — — — [176]
 Yemen Asia West Asia 250 1 Mar 2024 Increase 5 — — — [177]
 Grenada Americas Caribbean 247 1 Mar 2024 Increase 11 — — — [178]
 Tonga Oceania Polynesia 226 1 Mar 2024 Decrease 3 — — — [179]
 Togo Africa West Africa 208 1 Mar 2024 Decrease 7 — — — [180]
 Comoros Africa East Africa 197 1 Mar 2024 Decrease 5 — — — [181]
 Saint Vincent and the Grenadines Americas Caribbean 192 1 Mar 2024 Decrease 1 — — — [182]
 Eritrea Africa East Africa 189 1 Mar 2024 Decrease 2 — — — [183]
 Samoa Oceania Polynesia 188 1 Mar 2024 Increase 3 — — — [184]
 São Tomé and Príncipe Africa Central Africa 186 1 Mar 2024 Increase 2 — — — [185]
 Sudan Africa East Africa 172 1 Mar 2024 Decrease 5 — — — [186]
 Dominica Americas Caribbean 168 1 Mar 2024 Increase 6 — — — [187]
 Senegal Africa West Africa 164 1 Mar 2024 Increase 12 — — — [188]
 Zimbabwe Africa Southern Africa 159 1 Mar 2024 Increase 8 — — — [189]
 Chad Africa Central Africa 143 1 Mar 2024 Decrease 4 — — — [190]
 Burundi Africa Central Africa 105 1 Mar 2024 Decrease 6 — — — [191]
 South Sudan Africa East Africa 80 2 Mar 2024 Increase 7 — — — [192]
 Benin Africa West Africa 69 1 Mar 2024 Increase 9 — — — [193]
 Montserrat Americas Caribbean 54 1 Mar 2024 Increase 5 — — — [194]
 Equatorial Guinea Africa Central Africa 46 1 Mar 2024 Decrease 2 — — — [195]
 Burkina Faso Africa West Africa 42 1 Mar 2024 Decrease 3 — — — [196]
 Somalia Africa East Africa 37 1 Mar 2024 Increase 5 — — — [197]
 Kiribati Oceania Micronesia 8 1 Mar 2024 Increase 2 — — — [198]

Top 5 forex reserves holders

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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]

Timeline of Chinese reserves

[edit]

China's foreign exchange reserves are a vital component of its economic strategy and play a significant role in its position in the global economy. Here's a detailed overview of China's foreign exchange reserves, including current figures, historical trends, and their significance. As of October 2023, China's foreign exchange reserves stood at approximately $3.57 trillion. These reserves are managed by the People's Bank of China (PBOC) and consist of various assets, including foreign currencies, government bonds, gold, and other financial instruments. During early 1990s reserves were around $20 billion as China began to open its economy and integrate into global markets. However, In 2000s following China's entry into the World Trade Organization (WTO), reserves began to surge, reaching $1 trillion by 2006. Reserves continued to climb due to strong trade surpluses and foreign investment, reaching about $2.4 trillion. Then In 2014, reserves peaked at around $4 trillion, solidifying China's status as the largest holder of foreign exchange reserves globally. Around 2015–2016, The reserves started to decline due to capital outflows, falling below $3 trillion by early 2017. Following stabilization efforts, reserves began to recover, reaching approximately $3.1 trillion by the end of 2019.[202] By mid-2021, they were back around $3.2 trillion. The reserves fluctuated but remained stable around the $3.2 trillion mark throughout 2022 and 2023, currently standing at about $3.19 trillion. China's reserves include holdings in major currencies such as the U.S. dollar, euro, yen, and others. Although a smaller portion, gold is part of the total reserves. Investments in foreign government bonds, particularly U.S. Treasury bonds, are significant. The major factors influencing China's reserves includes its constant trade surplus, which contributes to reserve accumulation. High levels of foreign investment increase reserves as investors convert their currencies into yuan. The PBOC intervenes in the currency market to stabilize the yuan, affecting reserve levels. Fluctuations in commodity prices, interest rates, and international economic dynamics influence reserves. High reserves provide a cushion against economic shocks and volatility. Reserves are essential for managing the yuan's exchange rate and maintaining its stability. A robust level of reserves bolsters confidence among international investors and trading partners. The Chinese government uses its reserves to invest globally, generating returns that can be reinvested in the domestic economy. China's foreign exchange reserves are a critical aspect of its economic strategy, reflecting its growth and integration into the global economy. With a current level of approximately $3.19 trillion, these reserves not only provide economic security but also enhance China's influence on the global financial stage. The historical growth and management of these reserves will continue to play a significant role in China's economic policy and international relations.[203]

Timeline of Japanese reserves

[edit]

Japan's foreign exchange reserves are one of the largest in the world and are managed by the Bank of Japan (BOJ). These reserves are critical to Japan's financial stability, providing a buffer against economic shocks, facilitating trade and investment, and supporting the value of the Japanese yen. As of 2024, Japan's foreign exchange reserves are typically around $1.2 trillion to $1.3 trillion, making Japan one of the largest holders of reserves globally, second only to China. Japan's reserves are diversified and consist of a mix of foreign currency assets (such as US dollars, euros, and other major currencies), government bonds, gold, and Special Drawing Rights (SDRs) from the International Monetary Fund (IMF). The bulk of Japan's reserves are in the form of foreign government bonds, primarily in US Treasury securities. This allows Japan to earn returns while maintaining liquidity. Other currencies in Japan's reserves include the euro, British pound, and Australian dollar. Japan holds a relatively small proportion of its reserves in gold compared to some other large economies, though it remains a traditional store of value. Japan's gold holdings are in the range of around 765 tons as of 2024, which is a fraction of its total reserves but still significant. These represent a type of international reserve asset created by the IMF to supplement its member countries' reserves. Japan holds a portion of its reserves in SDRs. Japan's reserves play a role in stabilizing the yen (JPY). In the 1990s and beyond, Japan's foreign exchange reserves grew steadily, driven by trade surpluses, especially with the United States and other Asian countries. However, Japan's reliance on foreign assets and its deflationary environment have influenced its reserve management strategy in recent decades. Japan has increasingly diversified its foreign exchange reserves in recent years. While the reserves remain heavily concentrated in US dollars (particularly in US Treasury securities), Japan has also been exploring other options, including diversifying into other currencies like the euro or even Chinese yuan, though to a much lesser extent than some other large economies. As global economic dynamics shift (for example, due to changes in the US Federal Reserve's policies, or China's growing influence in global trade), Japan's reserve management strategies may evolve in response to these new realities. Japan's foreign exchange reserves remain a cornerstone of the country's economic policy, ensuring liquidity and stability in a highly interconnected global economy. With a strong focus on maintaining a robust and diversified portfolio of assets, these reserves help shield Japan from external shocks while supporting the value of the yen. Given Japan's position as a global financial powerhouse, its foreign exchange reserves will likely continue to play an important role in international finance for the foreseeable future.[204]

Timeline of Swiss reserves

[edit]

Switzerland's foreign exchange reserves are an important aspect of its monetary policy and economic stability. These reserves are primarily managed by the Swiss National Bank (SNB) and consist of various assets, including foreign currencies, gold, and other financial instruments. As of October 2024, Switzerland's foreign exchange reserves are approximately $952.68 Billion. This value can fluctuate based on market conditions and the SNB's monetary policy actions. During Pre-2000s, Switzerland has historically maintained substantial foreign exchange reserves due to its strong economy, stable political environment, and status as a global financial center. In the late 1990s, reserves were relatively stable, around $100 billion. The early 2000s saw a significant increase in reserves as the SNB actively managed monetary policy to maintain currency stability. By 2008, reserves had grown to approximately $300 billion. The Global Financial Crisis (2008–2009), prompted the SNB to intervene in foreign exchange markets, leading to further increases in reserves.[205] By the end of 2009, reserves reached about $400 billion. The SNB continued its policy of currency intervention to prevent excessive appreciation of the Swiss franc (CHF), particularly in the context of the European debt crisis. Reserves surged to over $800 billion by 2014 as the SNB purchased large amounts of foreign currencies to stabilize the franc. In 2015, the SNB shocked markets by abandoning its peg to the euro, which resulted in increased volatility and further interventions, maintaining reserves above $700 billion. During the COVID-19 pandemic, the SNB continued its policy of maintaining low interest rates and intervening in the foreign exchange market, pushing reserves above $1 trillion by mid-2020. Switzerland's foreign exchange reserves consist of a significant portion of the reserves is held in major foreign currencies, including the U.S. dollar, euro, and Japanese yen.[205] Switzerland also has substantial gold reserves, providing a hedge against currency fluctuations and inflation.[205] The SNB also holds a variety of other assets, including bonds and equities, as part of its diversified investment strategy. Several factors impact Switzerland's foreign exchange reserves including its monetary policies, including interest rates and currency interventions, directly influence reserve levels. Changes in the value of the Swiss franc against other currencies can impact the dollar value of reserves. The overall health of the Swiss economy, trade balances, and foreign investment levels can influence reserves. Developments in global markets, including changes in commodity prices and geopolitical events, affect reserve management strategies. High reserves provide a buffer against economic shocks and enhance Switzerland's financial stability. Reserves help the SNB manage the Swiss franc's value and ensure its competitiveness in international markets. A robust reserve position fosters confidence among international investors and trading partners. Reserves serve as a crucial resource during financial crises or periods of economic volatility.[205] Switzerland's foreign exchange reserves are a key element of its economic framework, reflecting the country's financial strength and stability. With current reserves of approximately $1.01 trillion, the SNB's management of these assets plays a vital role in ensuring the stability of the Swiss franc and supporting the broader economy. The historical growth and strategic management of these reserves will continue to influence Switzerland's economic policy and its position in the global financial system.[205]

Timeline of Indian reserves

[edit]

India's foreign exchange reserves are crucial for its economic stability and global trade position. These reserves consist of foreign currencies, gold, Special Drawing Rights (SDRs), and reserve position in the International Monetary Fund (IMF). Here's an overview of the current status, historical trends, and significance of India's foreign exchange reserves. As of November 2024, India's foreign exchange reserves stand at approximately $682.13 billion. This figure can fluctuate based on various factors such as trade balances, capital flows, and the Reserve Bank of India's (RBI) interventions in the forex market. During pre-1991 Era, India faced significant balance of payments crises, leading to low levels of foreign exchange reserves. By 1991, reserves were around $1 billion, barely enough to make payments for a week's import.[206] The economic reforms in 1991 led to an increase in reserves as the country began to attract foreign investment and trade improved. By the end of the 1990s, reserves reached approximately $30 billion. The 2000s saw rapid growth in reserves due to strong economic growth, trade surpluses, and rising foreign direct investment (FDI). By 2008, reserves had surged to about $310 billion. Reserves continued to grow, reaching around $400 billion by 2014. In 2018, reserves crossed the $400 billion mark again and continued to climb, largely supported by increasing FDI and robust export performance. In COVID-19 Pandemic (2020) era, despite the global economic impact of the pandemic, India's reserves increased significantly, reaching about $500 billion by mid-2020 due to a combination of lower imports, higher remittances, and inflows of foreign capital. By 2021, India's reserves peaked at around $642 billion in early 2022, marking a record high. In 2023, reserves were reported to be $598.69 billion, reflecting some fluctuations due to global economic conditions and changes in the balance of trade.[207] India's foreign exchange reserves consists of its holdings in major currencies such as the U.S. dollar, euro, and yen. India also holds a significant amount of gold, which serves as a hedge against inflation and currency depreciation. Special Drawing Rights (SDRs) allocated by the IMF, these can be used to supplement reserves. Reserve position in the IMF represents India's financial position in the IMF, which can also be utilized as reserve assets. Several factors affect the level of India's foreign exchange reserves, including a trade surplus (exports exceeding imports) contributes to reserve accumulation, while a trade deficit can lead to a decline in reserves. Foreign direct investment (FDI) and portfolio investments can significantly impact reserves. The Reserve Bank of India may intervene in the foreign exchange market to stabilize the Indian rupee, influencing reserves. Fluctuations in commodity prices, interest rates, and international trade dynamics can affect reserves. High reserves provide a buffer against external shocks and ensure economic stability.[208] Reserves help the RBI manage the exchange rate of the Indian rupee. A robust reserve position installs confidence among international investors and trading partners. Reserves serve as a safety net during crises, such as sudden capital outflows or economic downturns. India's foreign exchange reserves are an essential aspect of its economic framework, reflecting the country's growth trajectory and its integration into the global economy. With reserves currently around $598.69 billion, they play a vital role in ensuring financial stability, managing currency fluctuations, and enhancing India's standing in international trade. The historical growth and management of these reserves will continue to influence India's economic policy and global economic interactions.[209][210]

Timeline of Russian reserves

[edit]

As of the latest available data in 2024, Russia's foreign exchange reserves are a critical component of its financial stability, representing the country's assets held in foreign currencies, gold, and other liquid assets. These reserves are managed by the Central Bank of Russia (CBR) and serve as a buffer against economic shocks, particularly in times of sanctions, political turmoil, or falling oil prices. Before the Russian invasion of Ukraine in February 2022, Russia's foreign exchange reserves were at record levels, exceeding $600 billion. This large amount was seen as a safeguard against potential financial crises. Following the invasion of Ukraine, Western countries, including the United States and the European Union, imposed severe economic sanctions on Russia. These sanctions targeted Russian banks, individuals, and key sectors, and led to the freezing of a significant portion of Russia's foreign exchange reserves held in Western countries, particularly in US dollars and euros. As a result, a significant portion of Russia's FX reserves (around $300 billion) was effectively locked out of international markets. In response to the freezing of its reserves, Russia accelerated its efforts to diversify its foreign exchange holdings. This included increasing its gold reserves and building up reserves in currencies like the Chinese yuan. It also sought to move away from the US dollar in trade, particularly with countries in Asia, Africa, and the Middle East. Russia has also been stockpiling gold as a hedge against potential future shocks to its reserves. Gold, being a traditional store of value, is not subject to the same sanctions and restrictions as foreign currency holdings. As part of its pivot towards non-Western financial systems, Russia has been increasing its holdings in Chinese yuan (CNY) and has forged closer economic ties with countries that are willing to accept alternative currencies in trade. The yuan has become an important component of Russia's reserves as its economy increasingly becomes oriented towards China and other non-Western partners. By 2024, Russia's FX reserves were estimated to be around $570 billion to $600 billion, with a substantial portion in gold, yuan, and other non-traditional reserve assets. The total value fluctuates due to changes in the exchange rates of the reserve currencies and adjustments to gold holdings. These reserves are essential for stabilizing the Ruble and ensuring that Russia can meet its foreign debt obligations, even under heavy sanctions. The reserves also provide the Russian government with the flexibility to intervene in currency markets if needed, to prevent excessive depreciation of the Ruble. By diversifying its foreign exchange reserves, Russia has reduced its dependence on Western financial systems, thus strengthening its geopolitical position and reducing vulnerability to further sanctions.[211]

Currency composition of forex reserves

[edit]

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 (RMB).[212] Monetary gold is not covered in COFER but included in reserved assets, a broader scope than that of COFER.[213]

Currency composition of foreign exchange reserves (COFER) (billion U.S$.)[212]
United StatesUSD European UnionEUR JapanJPY United KingdomGBP CanadaCAD ChinaRMB 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
Q4

Forex reserve share% by currencies

  Claims in USD (60.8%)
  Claims in EUR (20.8%)
  Claims in JPY (5.9%)
  Claims in GBP (5.0%)
  Claims in CAD (2.7%)
  Claims in RMB (2.4%)
  Claims in AUD (2.2%)
  Claims in CHF (0.2%)

Source: International Monetary Fund[212]

Key components of COFER

[edit]

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.[214]

[edit]

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 global 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.[215]

Why the composition matters

[edit]

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.[216]

See also

[edit]

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  136. ^ "Gabon forex reserve". Archived from the original on 29 March 2024. Retrieved 27 March 2024.
  137. ^ "Euro is back on the scene for global central banks". 7 March 2024. Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  138. ^ "Luxembourg forex reserve". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  139. ^ "Laos forex reserve". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  140. ^ "Curaçao International Reserve Statement". Archived from the original on 30 March 2024. Retrieved 27 March 2024.
  141. ^ "The Fijian Economy". 26 March 2024. Archived from the original on 29 March 2024. Retrieved 27 March 2024.
  142. ^ "Movement In Reserves". Archived from the original on 29 March 2024. Retrieved 27 March 2024.
  143. ^ "Fitch Revises Aruba's Outlook to Positive; Affirms at 'BB+'". Archived from the original on 21 March 2024. Retrieved 27 March 2024.
  144. ^ "Bhutan International Reserve Statement". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  145. ^ "Economic Engine of the Balkans". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  146. ^ "Malta forex reserves". 19 March 2024. Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  147. ^ "Fitch Affirms Lesotho at 'B'; Outlook Stable". Archived from the original on 12 January 2024. Retrieved 27 March 2024.
  148. ^ "Outlook for Barbados' Economy in 2024". Archived from the original on 29 March 2024. Retrieved 27 March 2024.
  149. ^ "Cape Verde forex reserves". 12 March 2024. Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  150. ^ "San Marino forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  151. ^ "Gambia forex reserves". Archived from the original on 22 March 2024. Retrieved 27 March 2024.
  152. ^ "indicators of the Palestinian economy". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  153. ^ "Timor-Leste forex reserves" (PDF). Archived (PDF) from the original on 12 September 2023. Retrieved 27 March 2024.
  154. ^ "Suriname's Foreign Reserves". 24 March 2024. Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  155. ^ "Sierra Leone forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  156. ^ "Outlook for Mali's Economy". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  157. ^ "Maldives' Foreign Reserves". 11 January 2024. Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  158. ^ "Guyana forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  159. ^ "Solomon Islands forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  160. ^ "Seychelles forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  161. ^ "Vanuatu forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  162. ^ "Congo international reserves". 22 March 2024. Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  163. ^ "Djibouti forex reserves". Archived from the original on 29 March 2024. Retrieved 27 March 2024.
  164. ^ "Malawi forex reserves". Reuters.
  165. ^ "Eswatini forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  166. ^ "International Liquidity selected indicators - Afghanistan". Retrieved 9 November 2024.
  167. ^ "Republic of the Congo forex reserves". 29 June 2023. Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  168. ^ "Syria forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  169. ^ "Federated States of Micronesia forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  170. ^ "Central African Republic forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  171. ^ "Saint Kitts and Nevis forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  172. ^ "Liberia forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  173. ^ "Guinea-Bissau forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  174. ^ "Antigua and Barbuda forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  175. ^ "Belize forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  176. ^ "Saint Lucia forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  177. ^ "Yemen forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  178. ^ "Grenada forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  179. ^ "Tonga forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  180. ^ "Togo forex reserves". Archived from the original on 28 March 2024. Retrieved 27 March 2024.
  181. ^ "Comoros forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  182. ^ "Saint Vincent and the Grenadines forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  183. ^ "Eritrea forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  184. ^ "Samoa forex reserves" (PDF). Archived (PDF) from the original on 26 November 2022. Retrieved 27 March 2024.
  185. ^ "São Tomé and Príncipe forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  186. ^ "Sudan forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  187. ^ "Dominica forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  188. ^ "Senegal forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  189. ^ "Zimbabwe forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  190. ^ "Chad forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  191. ^ "Burundi forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  192. ^ "South Sudan forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  193. ^ "Benin forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  194. ^ "Montserrat forex reserves". Archived from the original on 28 March 2024. Retrieved 27 March 2024.
  195. ^ "Equatorial Guinea forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  196. ^ "Burkina Faso forex reserves". Archived from the original on 28 March 2024. Retrieved 27 March 2024.
  197. ^ "Somalia forex reserves". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  198. ^ "Kiribati forex reserved". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
  199. ^ "Saudi reserves fastest fall in two decades". 29 April 2020. Archived from the original on 25 June 2020. Retrieved 22 June 2020.
  200. ^ "Development indicator provided by World Bank for China, Japan, Switzerland, India, & Russia". Archived from the original on 27 March 2024. Retrieved 27 March 2024.
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  206. ^ "India's forex reserves crosses half trillion for the first time". Archived from the original on 25 March 2023. Retrieved 15 June 2020.
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  211. ^ "Russian Reserves March Toward $600 Billion As Sanction Threats Loom, Fitch Says". www.rferl.org. Archived from the original on 29 April 2020. Retrieved 23 May 2020.
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Notes

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  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.
Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/List_of_countries_by_foreign-exchange_reserves
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