List of countries by foreign exchange reserves

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Last edited April 19, 2026

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File:Comparative analysis of forex reserves held by top 20 countries as of June 2024.jpg
Comparison of forex reserves of top 20 countries

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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.

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Country
(as recognized by the UN) 		Continent Foreign exchange reserves Template:Abbr Template:Abbr
Including gold Excluding gold
Template:Abbr Template:Abbr Template:Abbr Template:Abbr
Template:CHN Asia 3,643,149 Template:Increase 41,079 3,389,306 Template:Increase 31,221 31 Aug 2025 [3]
Template:JAP Asia 1,394,750 Template:Increase 19,774 1,259,248 Template:Increase 16,230 31 Jan 2026 [4]
Template:CHE Europe 1,077,735 Template:Increase 13,935 932,282 Template:Increase24,490 31 Dec 2025 [5]
Template:RUS Europe/Asia 755,400 Template:Increase 39,900 434,487 Template:Increase 1,517 6 Apr 2026 [6]
Template:IND Asia 700,946 Template:Increase8,663 593,588 Template:Increase7,497 17 Apr 2026 [7]
Template:TWN Asia 605,490 Template:Decrease 4,390 544,300 Template:Decrease 1,071 26 Feb 2026 [8]
Template:SAU Asia 434,547 Template:Decrease 21,728 434,116 Template:Decrease 21,728 7 Nov 2024 [9]
Template:HKG Asia 421,400 Template:Increase 5,126 416,216 Template:Increase 85 8 Nov 2024 [10]
Template:KOR Asia 415,700 Template:Decrease 4,300 410,900 Template:Decrease 790 5 Nov 2024 [11]
Template:BRA Americas 388,571 Template:Increase 7,465 344,173 Template:Decrease 361 1 Oct 2024 [12]
Template:SGP Asia 383,721 Template:Decrease 5,907 374,809 Template:Decrease 156 7 Nov 2024 [13]
Template:DEU Europe 345,338 Template:Increase 9,863 91,071 Template:Decrease 9,275 1 Oct 2024 [14]
Template:ITA Europe 279,631 Template:Increase 14,225 79,064 Template:Increase 1,240 1 Nov 2024 [15]
Template:FRA Europe 272,693 Template:Increase 1,132 66,641 Template:Increase 143 1 Nov 2024 [16]
Template:MEX Americas 255,605 Template:Increase 1,495 236,200 Template:Increase 9 30 Jan 2026 [17]
Template:USA Americas 253,767 Template:Decrease 811 242,726 Template:Decrease 811 22 Aug 2025 [18]
Template:ISR Asia 231,880 Template:Increase 1,560 Template:NA Template:NA 6 Oct 2025 [19]
Template:THA Asia 237,866 Template:Decrease 598 217,231 Template:Increase 540 8 Nov 2024 [20]
Template:POL Europe 223,200 Template:Increase 4,800 188,140 Template:Increase 1,257 7 Jan 2025 [21]
Template:TUR Asia 218,158 Template:Increase 34,137 76,585 Template:Increase 12,670 30 Jan 2026 [22]
Template:ARE Asia 210,000 Template:Increase 5,340 199,400 Template:Increase 87 1 Nov 2024 [23]
Template:UK Europe 189,228 Template:Increase 4,870 161,908 Template:Decrease 5,910 1 Nov 2024 [24]
Template:IDN Asia 159,246 Template:Increase 3,382 Template:NA Template:NA 1 Nov 2024 [25]
Template:CZE Europe 149,416 Template:Decrease 507 145,012 Template:Decrease 168 1 Nov 2024 [26]
Template:NLD Europe 125,451 Template:Increase 212 Template:NA Template:NA 1 Mar 2024 [27]
Template:CAN Americas 123,084 Template:Decrease 4,990 Template:NA Template:NA 1 Nov 2024 [28]
Template:MYS Asia 119,700 Template:Increase 17,459 113,877 Template:Increase 14,225 1 Oct 2024 [29]
Template:PHL Asia 112,434 Template:Decrease 328 101,081 Template:Decrease 41 1 Nov 2024 [30]
Template:ESP Europe 100,983 Template:Increase 2.380 77,348 Template:Increase 2,300 1 Nov 2024 [31]
Template:IRQ Asia 100,000 Template:Decrease 15,000 Template:NA Template:NA 25 Mar 2024 [32]
Template:ROU Europe 95,127 Template:Increase 3,585 78,224 Template:Increase 1,203 31 Jan 2026 [33]
Template:VNM Asia 93,342 Template:Decrease 1,241 Template:NA Template:NA 1 Mar 2024 [34]
Template:DNK Europe 93,196 Template:Increase 763 88,450 Template:Increase 273 1 Nov 2024 [35]
Template:BEL Europe 82,000 Template:Increase 14,200 67,200 Template:Decrease 79 1 Mar 2024 [36]
Template:NOR Europe 80,110 Template:Increase 1430 Template:NA Template:NA 1 Oct 2024 [37]
Template:PER Americas 73,483 Template:Increase 201 Template:NA Template:NA 1 Mar 2024 [38]
Template:LBY Africa 70,524 Template:Decrease 238 Template:NA Template:NA 1 Mar 2024 [39]
Template:ALG Africa 68,028 Template:Increase 1,880 Template:NA Template:NA 1 Mar 2024 [40]
Template:ZAF Africa 67,450 Template:Increase 1,186 54,862 Template:Increase 143 31 Mar 2025 [41]
Template:AUS Oceania 65,018 Template:Increase 119 57,998 Template:Decrease 267 7 Nov 2024 [42]
Template:QAT Asia 64,560 Template:Increase 8,931 Template:NA Template:NA 1 Mar 2024 [43]
Template:SWE Europe 62,438 Template:Decrease 271 52,395 Template:Decrease 209 7 Nov 2024 [44]
Template:COL Americas 57,269 Template:Increase 124 Template:NA Template:NA 8 Mar 2024 [45]
Template:PRT Europe 53,710 Template:Decrease 7,800 Template:NA Template:NA 1 Mar 2024 [46]
Template:KWT Asia 46,420 Template:Increase 1,112 Template:NA Template:NA 1 Mar 2024 [47]
Template:CHL Americas 42,527 Template:Increase 2,373 Template:NA Template:NA 1 Mar 2024 [48]
Template:HUN Europe 41,344 Template:Increase 4,749 Template:NA Template:NA 1 Mar 2024 [49]
Template:UKR Europe 40,507 Template:Decrease 1,212 Template:NA Template:NA 1 Mar 2024 [50]
Template:BGR Europe 35,395 Template:Decrease 692 Template:NA Template:NA 1 Mar 2024 [51]
Template:EGY Africa 35,310 Template:Increase 3,161 Template:NA Template:NA 1 Mar 2024 [52]
Template:NGA Africa 34,980 Template:Increase 465 Template:NA Template:NA 1 Mar 2024 [53]
Template:AUT Europe 34,856 Template:Increase 954 34,671 Template:Decrease 187 1 Mar 2024 [54]
Template:SRB Europe 34,519[55] Template:Increase 4.213 Template:NA Template:NA 28 Feb 2026 [56]
Template:KAZ Asia 34,500 Template:Decrease 938 Template:NA Template:NA 1 Mar 2024 [57]
Template:UZB Asia 32,195 Template:Decrease 950 Template:NA Template:NA 1 Mar 2024 [58]
Template:BGD Asia 32,120 Template:Increase 440 Template:NA Template:NA 23 Oct 2025 [59]
Template:MAR Africa 32,037 Template:Increase 213 Template:NA Template:NA 1 Mar 2024 [60]
Template:NZL Oceania 31,712 Template:Increase 1,916 Template:NA Template:NA 1 Mar 2024 [61]
Template:IRN Asia 24,300 Template:Increase 1,641 23,600 Template:Increase 210 1 Mar 2024 [62]
Template:MAC Asia 24,283 Template:Decrease 1,566 Template:NA Template:NA 1 Mar 2024 [63]
Template:GTM Americas 21,390 Template:Increase 1,300 Template:NA Template:NA 1 Mar 2024 [64]
Template:ARG Americas 20,846 Template:Decrease 2,090 Template:NA Template:NA 1 Mar 2024 [65]
Template:TKM Asia 20,600 Template:Decrease 45 Template:NA Template:NA 1 Mar 2024 [66]
Template:PAK Asia 19,850 Template:Increase 3885 Template:NA Template:NA 17 Oct 2025 [67]
Template:KHM Asia 18,496 Template:Decrease 67 Template:NA Template:NA 1 Mar 2024 [68]
Template:JOR Asia 18,765 Template:Increase 187 Template:NA Template:NA 1 Mar 2024 [69]
Template:NPL Asia 18,400 Template:Increase 1,857 Template:NA Template:NA 11 Mar 2024 [70]
Template:OMA Asia 16,163 Template:Increase 548 Template:NA Template:NA 1 Mar 2024 [71]
Template:URY Americas 15,449 Template:Decrease 1.176 15,441 Template:Decrease 11 1 Mar 2024 [72]
Template:LBN Asia 14,738 Template:Decrease 692 Template:NA Template:NA 1 Mar 2024 [73]
Template:DOM Americas 14,371 Template:Increase 1,145 Template:NA Template:NA 1 Mar 2024 [74]
Template:ANG Africa 14,200 Template:Decrease 40 Template:NA Template:NA 15 Mar 2024 [75]
Template:CRI Americas 13,200 Template:Increase 320 Template:NA Template:NA 1 Mar 2024 [76]
Template:IRL Europe 12,599 Template:Decrease 130 11,874 Template:Decrease 2 1 Mar 2024 [77]
Template:AZE Asia 11,650 Template:Increase 142 Template:NA Template:NA 1 Mar 2024 [78]
Template:CIV Africa 9,800 Template:Decrease 18 Template:NA Template:NA 1 Mar 2024 [79]
Template:PRY Americas 9,707 Template:Increase 805 9,168 Template:Increase 7 1 Mar 2024 [80]
Template:PRK Asia 9,109 Template:Increase 73 Template:NA Template:NA 1 Mar 2024 [81]
Template:BIH Europe 8,711 Template:Decrease 391 Template:NA Template:NA 1 Mar 2024 [82]
Template:BLR Europe 8,697 Template:Increase 165 4,333 Template:Increase 19 31 Aug 2024 [83]
Template:TUN Africa 8,623 Template:Increase 539 Template:NA Template:NA 21 Mar 2024 [84]
Template:FIN Europe 7,995 Template:Decrease 22 Template:NA Template:NA 1 Mar 2024 [85]
Template:SVK Europe 7,650 Template:Increase 441 Template:NA Template:NA 1 Mar 2024 [86]
Template:HND Americas 7,390 Template:Decrease 580 Template:NA Template:NA 21 Mar 2024 [87]
Template:TAN Africa 7,022 Template:Increase 600 Template:NA Template:NA 22 Mar 2024 [88]
Template:ISL Europe 6,847 Template:Increase 24 6,668 Template:Increase 9 15 Mar 2024 [89]
Template:MMR Asia 6,700 Template:Increase 800 Template:NA Template:NA 1 Mar 2024 [90]
Template:LKA Asia 6,467 Template:Increase 475 6,425 Template:Increase 2 31 Oct 2024 [91]
Template:PAN Americas 6,143 Template:Decrease 200 Template:NA Template:NA 1 Mar 2024 [92]
Template:VEN Americas 5,908 Template:Decrease 776 Template:NA Template:NA 1 Mar 2024 [93]
Template:TTO Americas 5,800 Template:Decrease 44 Template:NA Template:NA 18 Mar 2024 [94]
Template:MDA Europe 5,600 Template:Decrease 600 Template:NA Template:NA 30 Aug 2024 [95]
Template:MUS Africa 5,591 Template:Decrease 196 5,497 Template:Decrease 27 1 Mar 2024 [96]
Template:BHR Asia 5,500 Template:Increase 128 Template:NA Template:NA 25 Mar 2024 [97]
Template:ALB Europe 5,290 Template:Decrease 200 5,290 Template:Increase 47 31 Apr 2024 [98]
Template:GEO Europe 5,224 Template:Decrease 25.58 Template:NA Template:NA 25 Mar 2024 [99]
Template:MNG Asia 5,120 Template:Increase 500 Template:NA Template:NA 20 Mar 2024 [100]
Template:BOT Africa 5,080 Template:Decrease 267 Template:NA Template:NA 1 Mar 2024 [101]
Template:JAM Americas 4,921 Template:Increase 300 Template:NA Template:NA 5 Mar 2024 [102]
Template:LTU Europe 4,900 Template:Decrease 440 Template:NA Template:NA 1 Mar 2024 [103]
Template:VAT Europe 4,339 Template:Increase 950 Template:NA Template:NA 1 Mar 2024 [104]
Template:ARM Asia 4,298 Template:Increase 600 Template:NA Template:NA 25 Mar 2024 [105]
Template:NIC Americas 3,980 Template:Increase 1,100 Template:NA Template:NA 1 Mar 2024 [106]
Template:GRC Europe 3,926 Template:Increase 107 3,869 Template:Decrease 8 1 Mar 2024 [107]
Template:LVA Europe 3,913 Template:Increase 13 Template:NA Template:NA 1 Mar 2024 [108]
Template:UGA Africa 3,700 Template:Decrease 259 Template:NA Template:NA 1 Mar 2024 [109]
Template:AND Europe 3,689 Template:Increase 11 Template:NA Template:NA 20 Mar 2024 [110]
Template:BRN Asia 3,664 Template:Increase 107 Template:NA Template:NA 1 Mar 2024 [111]
Template:CMR Africa 3,459 Template:Decrease 180 Template:NA Template:NA 1 Mar 2024 [112]
Template:ETH Africa 3,430 Template:Decrease 170 Template:NA Template:NA 1 Mar 2024 [113]
Template:GHA Africa 3,368 Template:Increase 452 Template:NA Template:NA 1 Mar 2024 [114]
Template:ECU Americas 3,305 Template:Increase 747 Template:NA Template:NA 1 Mar 2024 [115]
Template:KGZ Asia 2,976 Template:Increase 193 Template:NA Template:NA 1 Mar 2024 [116]
Template:HRV Europe 2,935 Template:Increase 159 Template:NA Template:NA 1 Mar 2024 [117]
Template:SLO Europe 2,519 Template:Increase 62 Template:NA Template:NA 1 Mar 2024 [118]
Template:SLV Americas 2,510 Template:Increase 39 Template:NA Template:NA 1 Mar 2024 [119]
Template:CUB Americas 2,500 Template:Decrease 10,391 Template:NA Template:NA 15 Mar 2024 [120]
Template:KEN Africa 2,490 Template:Increase 1,073 Template:NA Template:NA 5 Mar 2024 [121]
Template:PNG Oceania 2,339 Template:Increase 500 Template:NA Template:NA 1 Mar 2024 [122]
Template:HAI Americas 2,296 Template:Decrease 1,256 Template:NA Template:NA 1 Mar 2024 [123]
Template:EST Europe 2,065 Template:Decrease 145 Template:NA Template:NA 1 Mar 2024 [124]
Template:NAM Africa 2,019 Template:Decrease 25 Template:NA Template:NA 1 Mar 2024 [125]
Template:BAH Americas 1,758 Template:Increase 85 Template:NA Template:NA 1 Mar 2024 [126]
Template:BOL Americas 1,769 Template:Decrease 471 Template:NA Template:NA 1 Mar 2024 [127]
Template:MAD Africa 1,620 Template:Increase 127 Template:NA Template:NA 19 Mar 2024 [128]
Template:MNE Europe 1,558 Template:Increase 26 Template:NA Template:NA 1 Mar 2024 [129]
Template:MRT Africa 1,493 Template:Increase 37 Template:NA Template:NA 1 Mar 2024 [130]
Template:TJK Asia 1,482 Template:Decrease 19 Template:NA Template:NA 1 Mar 2024 [131]
Template:RWA Africa 1,458 Template:Decrease 7 Template:NA Template:NA 1 Mar 2024 [132]
Template:ZAM Africa 1,433 Template:Decrease 16 Template:NA Template:NA 1 Mar 2024 [133]
Template:GUI Africa 1,425 Template:Increase 33 Template:NA Template:NA 15 Mar 2024 [134]
Template:GAB Africa 1,377 Template:Decrease 90 Template:NA Template:NA 1 Mar 2024 [135]
Template:CYP Asia 1,271 Template:Increase 200 Template:NA Template:NA 1 Mar 2024 [136]
Template:LUX Europe 1,119 Template:Decrease 34 Template:NA Template:NA 5 Mar 2024 [137]
Template:LAO Asia 1,099 Template:Increase 23 Template:NA Template:NA 1 Mar 2024 [138]
Template:CUW Americas 1,080 Template:Increase 30 Template:NA Template:NA 20 Mar 2024 [139]
Template:FIJ Oceania 1,065 Template:Increase 22 Template:NA Template:NA 5 Mar 2024 [140]
Template:NER Africa 1,053 Template:Increase 24 Template:NA Template:NA 1 Mar 2024 [141]
Template:ABW Americas 1,017 Template:Increase 30 Template:NA Template:NA 15 Mar 2024 [142]
Template:BTN Asia 972 Template:Decrease 3 Template:NA Template:NA 10 Mar 2024 [143]
Template:KOS Europe 950 Template:Decrease 15 Template:NA Template:NA 1 Mar 2024 [144]
Template:MLT Europe 937 Template:Increase 9 Template:NA Template:NA 20 Mar 2024 [145]
Template:LES Africa 785 Template:Increase 11 Template:NA Template:NA 1 Mar 2024 [146]
Template:BAR Americas 770 Template:Decrease 2 Template:NA Template:NA 1 Mar 2024 [147]
Template:SMR Europe 716 Template:Increase 243 Template:NA Template:NA 1 Mar 2024 [148]
Template:CPV Africa 712 Template:Decrease 25 Template:NA Template:NA 1 Mar 2024 [149]
Template:GMB Africa 698 Template:Increase 6 Template:NA Template:NA 1 Mar 2024 [150]
Template:PSE Asia 671 Template:Decrease 12 Template:NA Template:NA 1 Mar 2024 [151]
Template:TLS Asia 654 Template:Decrease 2 Template:NA Template:NA 1 Mar 2024 [152]
Template:SUR Americas 647 Template:Increase 30 Template:NA Template:NA 8 Mar 2024 [153]
Template:SLE Africa 624 Template:Decrease 2 Template:NA Template:NA 2 Mar 2024 [154]
Template:MLI Africa 604 Template:Decrease 19 Template:NA Template:NA 1 Mar 2024 [155]
Template:MDV Asia 588 Template:Decrease 180 Template:NA Template:NA 1 Mar 2024 [156]
Template:GUY Americas 553 Template:Decrease 20 Template:NA Template:NA 10 Mar 2024 [157]
Template:SLB Oceania 551 Template:Increase 24 Template:NA Template:NA 8 Mar 2024 [158]
Template:SYC Africa 546 Template:Decrease 19 Template:NA Template:NA 1 Mar 2024 [159]
Template:VAN Oceania 509 Template:Decrease 2 Template:NA Template:NA 1 Mar 2024 [160]
Template:COD Africa 505 Template:Decrease 160 Template:NA Template:NA 14 Mar 2024 [161]
Template:DJI Africa 504 Template:Increase 3 Template:NA Template:NA 1 Mar 2024 [162]
Template:MWI Africa 488 Template:Increase 17 Template:NA Template:NA 1 Mar 2024 [163]
Template:SWZ Africa 467 Template:Increase 27 Template:NA Template:NA 1 Mar 2024 [164]
Template:AFG Asia 443 Template:Decrease 32 Template:NA Template:NA 1 Oct 2024 [165]
Template:COG Africa 443 Template:Increase 20 Template:NA Template:NA 1 Mar 2024 [166]
Template:SYR Asia 401 Template:Decrease 16 Template:NA Template:NA 1 Mar 2024 [167]
Template:FSM Oceania 395 Template:Decrease 2 Template:NA Template:NA 1 Mar 2024 [168]
Template:CAF Africa 375 Template:Increase 14 Template:NA Template:NA 1 Mar 2024 [169]
Template:KNA Americas 365 Template:Decrease 14 Template:NA Template:NA 1 Mar 2024 [170]
Template:LBR Africa 342 Template:Decrease 7 Template:NA Template:NA 1 Mar 2024 [171]
Template:GNB Africa 329 Template:Decrease 3 Template:NA Template:NA 1 Mar 2024 [172]
Template:ATG Americas 285 Template:Increase 6 Template:NA Template:NA 1 Mar 2024 [173]
Template:BLZ Americas 281 Template:Increase 4 Template:NA Template:NA 1 Mar 2024 [174]
Template:LCA Americas 258 Template:Decrease 2 Template:NA Template:NA 1 Mar 2024 [175]
Template:YEM Asia 250 Template:Increase 5 Template:NA Template:NA 1 Mar 2024 [176]
Template:GRN Americas 247 Template:Increase 11 Template:NA Template:NA 1 Mar 2024 [177]
Template:TON Oceania 226 Template:Decrease 3 Template:NA Template:NA 1 Mar 2024 [178]
Template:TOG Africa 208 Template:Decrease 7 Template:NA Template:NA 1 Mar 2024 [179]
Template:COM Africa 197 Template:Decrease 5 Template:NA Template:NA 1 Mar 2024 [180]
Template:VIN Americas 192 Template:Decrease 1 Template:NA Template:NA 1 Mar 2024 [181]
Template:ERI Africa 189 Template:Decrease 2 Template:NA Template:NA 1 Mar 2024 [182]
Template:SAM Oceania 188 Template:Increase 3 Template:NA Template:NA 1 Mar 2024 [183]
Template:STP Africa 186 Template:Increase 2 Template:NA Template:NA 1 Mar 2024 [184]
Template:SDN Africa 172 Template:Decrease 5 Template:NA Template:NA 1 Mar 2024 [185]
Template:DMA Americas 168 Template:Increase 6 Template:NA Template:NA 1 Mar 2024 [186]
Template:SEN Africa 164 Template:Increase 12 Template:NA Template:NA 1 Mar 2024 [187]
Template:ZIM Africa 159 Template:Increase 8 Template:NA Template:NA 1 Mar 2024 [188]
Template:CHA Africa 143 Template:Decrease 4 Template:NA Template:NA 1 Mar 2024 [189]
Template:BDI Africa 105 Template:Decrease 6 Template:NA Template:NA 1 Mar 2024 [190]
Template:SSD Africa 80 Template:Increase 7 Template:NA Template:NA 2 Mar 2024 [191]
Template:BEN Africa 69 Template:Increase 9 Template:NA Template:NA 1 Mar 2024 [192]
Template:MSR Americas 54 Template:Increase 5 Template:NA Template:NA 1 Mar 2024 [193]
Template:GNQ Africa 46 Template:Decrease 2 Template:NA Template:NA 1 Mar 2024 [194]
Template:BUR Africa 42 Template:Decrease 3 Template:NA Template:NA 1 Mar 2024 [195]
Template:SOM Africa 37 Template:Increase 5 Template:NA Template:NA 1 Mar 2024 [196]
Template:KIR Oceania 8 Template:Increase 2 Template:NA Template:NA 1 Mar 2024 [197]
Template:MOZ Africa 4 Template:Increase 0.8 Template:NA Template:NA 31 Jul 2025 [198]
Template:MKD Europe 4 Template:Increase 0.1 Template:NA Template:NA 31 Aug 2025 [199]

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.[200][201]

File:Historical forex reserves.png
Foreign exchange reserves for the top 5 countries[202]

China

China has the largest reserve since last 14 years.[203][204] 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.[205]

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,[206] 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.[207] 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 fifth 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.[208] During the 1991 Indian economic crisis country only had $5 billion of reserves left which led to subsequent economic liberalisation.[209] 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.[210] 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.[211][212]

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, Indian rupee 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.[213] Template:Clear

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,Template:Efn 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).[214] Monetary gold is not covered in COFER but included in reserved assets, a broader scope than that of COFER.[215]

Template:Table alignmentTemplate:Row hover highlight

Currency composition of foreign exchange reserves (COFER) (billion U.S$.)[214]
Template:FlagiconUSD Template:FlagiconEUR Template:FlagiconJPY Template:FlagiconGBP Template:FlagiconCAD Template:FlagiconCNY Template:FlagiconAUD Template:FlagiconCHF Other
currencies		 Template:Abbr Total
rowspan=28 Template:Vert header 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

Template:Pie chart

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.[216]

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.[217]

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.[218]

See also

References

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  196. ↑ Somalia forex reserves. Retrieved 27 March 2024.
  197. ↑ Kiribati forex reserve. Retrieved 27 March 2024.
  198. ↑ Mozambique forex reserve.
  199. ↑ North Macedonia forex reserve.
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  209. ↑ The need to act fast(27 August 2023). Retrieved 27 August 2023.
  210. ↑ India help 47 tons gold with Bank of England, Nayak, Gayatri(July 5, 2017).
  211. ↑ India moves 100 metric tonnes of gold from U.K. to domestic vaults. The Hindu.
  212. ↑ Foreign Exchange Reserves of India. www.rbi.org.in. Retrieved 2024-11-01.
  213. ↑ Russian Reserves March Toward $600 Billion As Sanction Threats Loom, Fitch Says. www.rferl.org. Retrieved 23 May 2020.
  214. ↑ 214.0 214.1 IMF Data - Currency Composition of Official Foreign Exchange Reserves (COFER). International Monetary Fund(22 December 2023). Retrieved 25 January 2024.
  215. ↑ FAQs. International Monetary Fund. Retrieved 22 August 2020.
  216. ↑ Key Components of COFER. International Monetary Fund. Retrieved 22 August 2020.
  217. ↑ Trends and Shifts in Currency Composition. International Monetary Fund. Retrieved 22 August 2020.
  218. ↑ Why the Composition Matters. International Monetary Fund. Retrieved 22 August 2020.

Notes

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