Foreign exchange reserves, also called Forex reserves, in a strict sense, are foreign-currency deposits held by nationals andmonetary authorities. However, inpopular usage and in the list below, it also includesgold reserves,special drawing rights (SDRs) andIMF 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 thefinancial assets of the central banks and monetary authorities that are held in differentreserve currencies (e.g., theU.S. dollar, theeuro, thepound sterling, theJapanese yen, theIndian rupee, theSwiss franc, and theChinese renminbi) and which are used to back its liabilities (e.g., the local currency issued and the variousbank reservesdeposited with the Central bank by thegovernment orfinancial institutions). Before the end of thegold standard,gold was the preferred reserve currency.
Foreign-exchange reserves is generally used to intervene in theforeign exchange market to stabilize or influence the value of a country's currency.Central banks can buy or sell foreign currency to influenceexchange 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 sharpdepreciation. In times of economic uncertainty orfinancial 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 itsinternational payment obligations, which helps maintain a stable exchange rate by preventing panic in the foreign exchange market. Having substantial reserves allows central banks to implementmonetary 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]
All the figures below have been converted to U.S. dollars, as different countries report data in differentcurrencies. The U.S. dollar equivalents have been calculated using currencyexchange rates as well as thegold 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 theexcluding gold columns.
| Country (as recognized by theU.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 |  41,079 | 3,389,306 | 31,221 | 31 Aug 2025 | [3] |
 Japan | Asia | 1,324,210 | 19,774 | 1,230,940 | 16,230 | 31 Aug 2025 | [4] |
 Switzerland | Europe | 1,007,710 |  13,935 | 897,295 | 14,490 | 31 Jul 2025 | [5] |
 Russia | Europe/Asia | 734,100 | 14,300 | 434,487 | 1,517 | 14 Nov 2025 | [6] |
 India | Asia | 692,576 | 5,543 | 585,719 | 216 | 14 Nov 2025 | [7] |
 Taiwan | Asia | 597,430 | 4,390 | 544,300 | 1,071 | 31 Aug 2025 | [8] |
 Saudi Arabia | Asia | 434,547 | 21,728 | 434,116 | 21,728 | 7 Nov 2024 | [9] |
 Hong Kong | Asia | 421,400 | 5,126 | 416,216 | 85 | 8 Nov 2024 | [10] |
 South Korea | Asia | 415,700 | 4,300 | 410,900 | 790 | 5 Nov 2024 | [11] |
 Brazil | Americas | 388,571 | 7,465 | 344,173 | 361 | 1 Oct 2024 | [12] |
 Singapore | Asia | 383,721 | 5,907 | 374,809 | 156 | 7 Nov 2024 | [13] |
 Germany | Europe | 345,338 | 9,863 | 91,071 | 9,275 | 1 Oct 2024 | [14] |
 Italy | Europe | 279,631 | 14,225 | 79,064 | 1,240 | 1 Nov 2024 | [15] |
 France | Europe | 272,693 | 1,132 | 66,641 | 143 | 1 Nov 2024 | [16] |
 United States | Americas | 253,767 | 811 | 242,726 | 811 | 22 Aug 2025 | [17] |
 Mexico | Americas | 249,744 | 1,495 | 236,200 | 9 | 21 Oct 2025 | [18] |
 Israel | Asia | 231,880 | 1,560 | — | — | 6 Oct 2025 | [19] |
 Thailand | Asia | 237,866 | 598 | 217,231 | 540 | 8 Nov 2024 | [20] |
 Poland | Europe | 223,200 | 4,800 | 188,140 | 1,257 | 7 Jan 2025 | [21] |
 United Arab Emirates | Asia | 210,000 | 5,340 | 199,400 | 87 | 1 Nov 2024 | [22] |
 United Kingdom | Europe | 189,228 | 4,870 | 161,908 | 5,910 | 1 Nov 2024 | [23] |
 Indonesia | Asia | 159,246 | 3,382 | — | — | 1 Nov 2024 | [24] |
 Czech Republic | Europe | 149,416 | 507 | 145,012 | 168 | 1 Nov 2024 | [25] |
 Turkey | Asia | 138,100 | 13,967 | 57,800 | 31,960 | 16 May 2025 | [26] |
 Netherlands | Europe | 125,451 | 212 | — | — | 1 Mar 2024 | [27] |
 Canada | Americas | 123,084 | 4,990 | — | — | 1 Nov 2024 | [28] |
 Malaysia | Asia | 119,700 | 17,459 | 113,877 | 14,225 | 1 Oct 2024 | [29] |
 Philippines | Asia | 112,434 | 328 | 101,081 | 41 | 1 Nov 2024 | [30] |
 Spain | Europe | 100,983 | 2.380 | 77,348 | 2,300 | 1 Nov 2024 | [31] |
 Iraq | Asia | 100,000 | 15,000 | — | — | 25 Mar 2024 | [32] |
 Vietnam | Asia | 93,342 | 1,241 | — | — | 1 Mar 2024 | [33] |
 Denmark | Europe | 93,196 | 763 | 88,450 | 273 | 1 Nov 2024 | [34] |
 Romania | Europe | 82,473 | 4,005 | 73,645 | 3,590 | 30 Sep 2024 | [35] |
 Belgium | Europe | 82,000 | 14,200 | 67,200 | 79 | 1 Mar 2024 | [36] |
 Norway | Europe | 80,110 | 1430 | — | — | 1 Oct 2024 | [37] |
 Peru | Americas | 73,483 | 201 | — | — | 1 Mar 2024 | [38] |
 Libya | Africa | 70,524 | 238 | — | — | 1 Mar 2024 | [39] |
 Algeria | Africa | 68,028 | 1,880 | — | — | 1 Mar 2024 | [40] |
 South Africa | Africa | 67,450 | 1,186 | 54,862 | 143 | 31 Mar 2025 | [41] |
 Australia | Oceania | 65,018 | 119 | 57,998 | 267 | 7 Nov 2024 | [42] |
 Qatar | Asia | 64,560 | 8,931 | — | — | 1 Mar 2024 | [43] |
 Sweden | Europe | 62,438 | 271 | 52,395 | 209 | 7 Nov 2024 | [44] |
 Colombia | Americas | 57,269 | 124 | — | — | 8 Mar 2024 | [45] |
 Portugal | Europe | 53,710 | 7,800 | — | — | 1 Mar 2024 | [46] |
 Kuwait | Asia | 46,420 | 1,112 | — | — | 1 Mar 2024 | [47] |
 Chile | Americas | 42,527 | 2,373 | — | — | 1 Mar 2024 | [48] |
 Hungary | Europe | 41,344 | 4,749 | — | — | 1 Mar 2024 | [49] |
 Ukraine | Europe | 40,507 | 1,212 | — | — | 1 Mar 2024 | [50] |
 Bulgaria | Europe | 35,395 | 692 | — | — | 1 Mar 2024 | [51] |
 Egypt | Africa | 35,310 | 3,161 | — | — | 1 Mar 2024 | [52] |
 Nigeria | Africa | 34,980 | 465 | — | — | 1 Mar 2024 | [53] |
 Austria | Europe | 34,856 | 954 | 34,671 | 187 | 1 Mar 2024 | [54] |
 Kazakhstan | Asia | 34,500 | 938 | — | — | 1 Mar 2024 | [55] |
 Uzbekistan | Asia | 32,195 | 950 | — | — | 1 Mar 2024 | [56] |
 Bangladesh | Asia | 32,120 | 440 | — | — | 23 Oct 2025 | [57] |
 Morocco | Africa | 32,037 | 213 | — | — | 1 Mar 2024 | [58] |
 New Zealand | Oceania | 31,712 | 1,916 | — | — | 1 Mar 2024 | [59] |
 Serbia | Europe | 31,119 | 4.227 | — | — | 9 Aug 2024 | [60] |
 Iran | Asia | 24,300 | 1,641 | 23,600 | 210 | 1 Mar 2024 | [61] |
 Macau | Asia | 24,283 | 1,566 | — | — | 1 Mar 2024 | [62] |
 Guatemala | Americas | 21,390 | 1,300 | — | — | 1 Mar 2024 | [63] |
 Argentina | Americas | 20,846 | 2,090 | — | — | 1 Mar 2024 | [64] |
 Turkmenistan | Asia | 20,600 | 45 | — | — | 1 Mar 2024 | [65] |
 Pakistan | Asia | 19,850 | 3885 | — | — | 17 Oct 2025 | [66] |
 Cambodia | Asia | 18,496 | 67 | — | — | 1 Mar 2024 | [67] |
 Jordan | Asia | 18,765 | 187 | — | — | 1 Mar 2024 | [68] |
 Nepal | Asia | 18,400 | 1,857 | — | — | 11 Mar 2024 | [69] |
 Oman | Asia | 16,163 | 548 | — | — | 1 Mar 2024 | [70] |
 Uruguay | Americas | 15,449 | 1.176 | 15,441 | 11 | 1 Mar 2024 | [71] |
 Lebanon | Asia | 14,738 | 692 | — | — | 1 Mar 2024 | [72] |
 Dominican Republic | Americas | 14,371 | 1,145 | — | — | 1 Mar 2024 | [73] |
 Angola | Africa | 14,200 | 40 | — | — | 15 Mar 2024 | [74] |
 Costa Rica | Americas | 13,200 | 320 | — | — | 1 Mar 2024 | [75] |
 Ireland | Europe | 12,599 | 130 | 11,874 | 2 | 1 Mar 2024 | [76] |
 Azerbaijan | Asia | 11,650 | 142 | — | — | 1 Mar 2024 | [77] |
 Ivory Coast | Africa | 9,800 | 18 | — | — | 1 Mar 2024 | [78] |
 Paraguay | Americas | 9,707 | 805 | 9,168 | 7 | 1 Mar 2024 | [79] |
 North Korea | Asia | 9,109 | 73 | — | — | 1 Mar 2024 | [80] |
 Bosnia and Herzegovina | Europe | 8,711 | 391 | — | — | 1 Mar 2024 | [81] |
 Belarus | Europe | 8,697 | 165 | 4,333 | 19 | 31 Aug 2024 | [82] |
 Tunisia | Africa | 8,623 | 539 | — | — | 21 Mar 2024 | [83] |
 Finland | Europe | 7,995 | 22 | — | — | 1 Mar 2024 | [84] |
 Slovakia | Europe | 7,650 | 441 | — | — | 1 Mar 2024 | [85] |
 Honduras | Americas | 7,390 | 580 | — | — | 21 Mar 2024 | [86] |
 Tanzania | Africa | 7,022 | 600 | — | — | 22 Mar 2024 | [87] |
 Iceland | Europe | 6,847 | 24 | 6,668 | 9 | 15 Mar 2024 | [88] |
 Myanmar | Asia | 6,700 | 800 | — | — | 1 Mar 2024 | [89] |
 Sri Lanka | Asia | 6,467 | 475 | 6,425 | 2 | 31 Oct 2024 | [90] |
 Panama | Americas | 6,143 | 200 | — | — | 1 Mar 2024 | [91] |
 Venezuela | Americas | 5,908 | 776 | — | — | 1 Mar 2024 | [92] |
 Trinidad and Tobago | Americas | 5,800 | 44 | — | — | 18 Mar 2024 | [93] |
 Moldova | Europe | 5,600 | 600 | — | — | 30 Aug 2024 | [94] |
 Mauritius | Africa | 5,591 | 196 | 5,497 | 27 | 1 Mar 2024 | [95] |
 Bahrain | Asia | 5,500 | 128 | — | — | 25 Mar 2024 | [96] |
 Albania | Europe | 5,290 | 200 | 5,290 | 47 | 31 Apr 2024 | [97] |
 Georgia | Europe | 5,224 | 25.58 | — | — | 25 Mar 2024 | [98] |
 Mongolia | Asia | 5,120 | 500 | — | — | 20 Mar 2024 | [99] |
 Botswana | Africa | 5,080 | 267 | — | — | 1 Mar 2024 | [100] |
 Jamaica | Americas | 4,921 | 300 | — | — | 5 Mar 2024 | [101] |
 Lithuania | Europe | 4,900 | 440 | — | — | 1 Mar 2024 | [102] |
 Vatican City | Europe | 4,339 | 950 | — | — | 1 Mar 2024 | [103] |
 Armenia | Asia | 4,298 | 600 | — | — | 25 Mar 2024 | [104] |
 Nicaragua | Americas | 3,980 | 1,100 | — | — | 1 Mar 2024 | [105] |
 Greece | Europe | 3,926 | 107 | 3,869 | 8 | 1 Mar 2024 | [106] |
 Latvia | Europe | 3,913 | 13 | — | — | 1 Mar 2024 | [107] |
 Uganda | Africa | 3,700 | 259 | — | — | 1 Mar 2024 | [108] |
 Andorra | Europe | 3,689 | 11 | — | — | 20 Mar 2024 | [109] |
 Brunei | Asia | 3,664 | 107 | — | — | 1 Mar 2024 | [110] |
 Cameroon | Africa | 3,459 | 180 | — | — | 1 Mar 2024 | [111] |
 Ethiopia | Africa | 3,430 | 170 | — | — | 1 Mar 2024 | [112] |
 Ghana | Africa | 3,368 | 452 | — | — | 1 Mar 2024 | [113] |
 Ecuador | Americas | 3,305 | 747 | — | — | 1 Mar 2024 | [114] |
 Kyrgyzstan | Asia | 2,976 | 193 | — | — | 1 Mar 2024 | [115] |
 Croatia | Europe | 2,935 | 159 | — | — | 1 Mar 2024 | [116] |
 Slovenia | Europe | 2,519 | 62 | — | — | 1 Mar 2024 | [117] |
 El Salvador | Americas | 2,510 | 39 | — | — | 1 Mar 2024 | [118] |
 Cuba | Americas | 2,500 | 10,391 | — | — | 15 Mar 2024 | [119] |
 Kenya | Africa | 2,490 | 1,073 | — | — | 5 Mar 2024 | [120] |
 Papua New Guinea | Oceania | 2,339 | 500 | — | — | 1 Mar 2024 | [121] |
 Haiti | Americas | 2,296 | 1,256 | — | — | 1 Mar 2024 | [122] |
 Estonia | Europe | 2,065 | 145 | — | — | 1 Mar 2024 | [123] |
 Namibia | Africa | 2,019 | 25 | — | — | 1 Mar 2024 | [124] |
 Bahamas | Americas | 1,758 | 85 | — | — | 1 Mar 2024 | [125] |
 Bolivia | Americas | 1,769 | 471 | — | — | 1 Mar 2024 | [126] |
 Madagascar | Africa | 1,620 | 127 | — | — | 19 Mar 2024 | [127] |
 Montenegro | Europe | 1,558 | 26 | — | — | 1 Mar 2024 | [128] |
 Mauritania | Africa | 1,493 | 37 | — | — | 1 Mar 2024 | [129] |
 Tajikistan | Asia | 1,482 | 19 | — | — | 1 Mar 2024 | [130] |
 Rwanda | Africa | 1,458 | 7 | — | — | 1 Mar 2024 | [131] |
 Zambia | Africa | 1,433 | 16 | — | — | 1 Mar 2024 | [132] |
 Guinea | Africa | 1,425 | 33 | — | — | 15 Mar 2024 | [133] |
 Gabon | Africa | 1,377 | 90 | — | — | 1 Mar 2024 | [134] |
 Cyprus | Asia | 1,271 | 200 | — | — | 1 Mar 2024 | [135] |
 Luxembourg | Europe | 1,119 | 34 | — | — | 5 Mar 2024 | [136] |
 Laos | Asia | 1,099 | 23 | — | — | 1 Mar 2024 | [137] |
 Curaçao | Americas | 1,080 | 30 | — | — | 20 Mar 2024 | [138] |
 Fiji | Oceania | 1,065 | 22 | — | — | 5 Mar 2024 | [139] |
 Niger | Africa | 1,053 | 24 | — | — | 1 Mar 2024 | [140] |
 Aruba | Americas | 1,017 | 30 | — | — | 15 Mar 2024 | [141] |
 Bhutan | Asia | 972 | 3 | — | — | 10 Mar 2024 | [142] |
 Kosovo | Europe | 950 | 15 | — | — | 1 Mar 2024 | [143] |
 Malta | Europe | 937 | 9 | — | — | 20 Mar 2024 | [144] |
 Lesotho | Africa | 785 | 11 | — | — | 1 Mar 2024 | [145] |
 Barbados | Americas | 770 | 2 | — | — | 1 Mar 2024 | [146] |
 San Marino | Europe | 716 | 243 | — | — | 1 Mar 2024 | [147] |
 Cape Verde | Africa | 712 | 25 | — | — | 1 Mar 2024 | [148] |
 Gambia | Africa | 698 | 6 | — | — | 1 Mar 2024 | [149] |
 Palestine | Asia | 671 | 12 | — | — | 1 Mar 2024 | [150] |
 Timor-Leste | Asia | 654 | 2 | — | — | 1 Mar 2024 | [151] |
 Suriname | Americas | 647 | 30 | — | — | 8 Mar 2024 | [152] |
 Sierra Leone | Africa | 624 | 2 | — | — | 2 Mar 2024 | [153] |
 Mali | Africa | 604 | 19 | — | — | 1 Mar 2024 | [154] |
 Maldives | Asia | 588 | 180 | — | — | 1 Mar 2024 | [155] |
 Guyana | Americas | 553 | 20 | — | — | 10 Mar 2024 | [156] |
 Solomon Islands | Oceania | 551 | 24 | — | — | 8 Mar 2024 | [157] |
 Seychelles | Africa | 546 | 19 | — | — | 1 Mar 2024 | [158] |
 Vanuatu | Oceania | 509 | 2 | — | — | 1 Mar 2024 | [159] |
 Democratic Republic of the Congo | Africa | 505 | 160 | — | — | 14 Mar 2024 | [160] |
 Djibouti | Africa | 504 | 3 | — | — | 1 Mar 2024 | [161] |
 Malawi | Africa | 488 | 17 | — | — | 1 Mar 2024 | [162] |
 Eswatini | Africa | 467 | 27 | — | — | 1 Mar 2024 | [163] |
 Afghanistan | Asia | 443 | 32 | — | — | 1 Oct 2024 | [164] |
 Republic of the Congo | Africa | 443 | 20 | — | — | 1 Mar 2024 | [165] |
 Syria | Asia | 401 | 16 | — | — | 1 Mar 2024 | [166] |
 Federated States of Micronesia | Oceania | 395 | 2 | — | — | 1 Mar 2024 | [167] |
 Central African Republic | Africa | 375 | 14 | — | — | 1 Mar 2024 | [168] |
 Saint Kitts and Nevis | Americas | 365 | 14 | — | — | 1 Mar 2024 | [169] |
 Liberia | Africa | 342 | 7 | — | — | 1 Mar 2024 | [170] |
 Guinea-Bissau | Africa | 329 | 3 | — | — | 1 Mar 2024 | [171] |
 Antigua and Barbuda | Americas | 285 | 6 | — | — | 1 Mar 2024 | [172] |
 Belize | Americas | 281 | 4 | — | — | 1 Mar 2024 | [173] |
 Saint Lucia | Americas | 258 | 2 | — | — | 1 Mar 2024 | [174] |
 Yemen | Asia | 250 | 5 | — | — | 1 Mar 2024 | [175] |
 Grenada | Americas | 247 | 11 | — | — | 1 Mar 2024 | [176] |
 Tonga | Oceania | 226 | 3 | — | — | 1 Mar 2024 | [177] |
 Togo | Africa | 208 | 7 | — | — | 1 Mar 2024 | [178] |
 Comoros | Africa | 197 | 5 | — | — | 1 Mar 2024 | [179] |
 Saint Vincent and the Grenadines | Americas | 192 | 1 | — | — | 1 Mar 2024 | [180] |
 Eritrea | Africa | 189 | 2 | — | — | 1 Mar 2024 | [181] |
 Samoa | Oceania | 188 | 3 | — | — | 1 Mar 2024 | [182] |
 São Tomé and Príncipe | Africa | 186 | 2 | — | — | 1 Mar 2024 | [183] |
 Sudan | Africa | 172 | 5 | — | — | 1 Mar 2024 | [184] |
 Dominica | Americas | 168 | 6 | — | — | 1 Mar 2024 | [185] |
 Senegal | Africa | 164 | 12 | — | — | 1 Mar 2024 | [186] |
 Zimbabwe | Africa | 159 | 8 | — | — | 1 Mar 2024 | [187] |
 Chad | Africa | 143 | 4 | — | — | 1 Mar 2024 | [188] |
 Burundi | Africa | 105 | 6 | — | — | 1 Mar 2024 | [189] |
 South Sudan | Africa | 80 | 7 | — | — | 2 Mar 2024 | [190] |
 Benin | Africa | 69 | 9 | — | — | 1 Mar 2024 | [191] |
 Montserrat | Americas | 54 | 5 | — | — | 1 Mar 2024 | [192] |
 Equatorial Guinea | Africa | 46 | 2 | — | — | 1 Mar 2024 | [193] |
 Burkina Faso | Africa | 42 | 3 | — | — | 1 Mar 2024 | [194] |
 Somalia | Africa | 37 | 5 | — | — | 1 Mar 2024 | [195] |
 Kiribati | Oceania | 8 | 2 | — | — | 1 Mar 2024 | [196] |
 Mozambique | Africa | 4 | 0.8 | — | — | 31 Jul 2025 | [197] |
 North Macedonia | Europe | 4 | 0.1 | — | — | 31 Aug 2025 | [198] |
Top five countries with the largest foreign exchange reserves have reserves of at least 500 billionUSD and higher and have maintained such an amount for at least a month.[199][200]
China has the largest reserve since last 14 years.[202][203] The main composition of Chinese forex reserves is approximately two-thirdsUSD and one-fifthEuros with the rest made up ofJapanese Yen and theBritish 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.
As of 2024,Japan holds one of the largest foreign exchange reserves globally—estimated between $1.2 trillion and $1.3 trillion—second only toChina. Managed by theBank 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 holdsSpecial 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 theChinese 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 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 inSwiss francs. After the2008 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, theSwiss 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 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.[207] During the1991 Indian economic crisis country only had $5 billion of reserves left which led tosubsequent 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 ofgold reserves. Out of which 403.7 tons ofgold is held withBank of England andBank 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 theBank 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 unexpectedsanctions 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]
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 theCentral Bank of Russia. Prior to its 2022 invasion ofUkraine, 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. andEurope. 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 theChinese yuan. This shift aligned with Russia’s broader move to strengthen economic ties with countries inAsia,Africa, and theMiddle East, many of which are more open to using alternative currencies in trade. By 2024, Russia’s reserves were estimated between $570 billion and $600 billion, with a significant share in gold, yuan, and other non-traditional assets. The composition of these reserves continues to fluctuate due to changes in exchange rates and asset valuations. These diversified reserves help Russia stabilize the ruble, meet foreign debt obligations, and maintain the ability to intervene in currency markets when necessary. By reducing dependence on Western assets and financial infrastructure, Russia has bolstered its economic resilience and geopolitical independence in the face of ongoing sanctions and global financial pressures.[212]
The Currency Composition of Foreign Exchange Reserves (COFER) refers to the breakdown of the foreign exchange reserves held by central banks around the world, based on the currencies in which those reserves are denominated. These reserves are typically held in the form of deposits, bonds, and other liquid assets, and they play a critical role in managing a country's exchange rate policy, stabilizing its currency, and meeting international financial obligations.IMF releases the quarterly data on the currency composition of official foreign exchange reserves. The data are reported to the IMF on a voluntary and confidential basis. COFER data for individual countries are strictly confidential. At present there are 149 reporters,[a] consisting of member countries of the IMF, non-member countries/economies, and other foreign exchanges reserve holding entities. From Q4 2016, the data was expanded to includerenminbi (CNY).[213] Monetary gold is not covered in COFER but included in reserved assets, a broader scope than that of COFER.[214]
| Currency composition of foreign exchange reserves (COFER) (billion U.S$.)[213] | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 USD |  EUR | JPY | GBP | CAD | CNY | AUD | CHF | 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 | ||||||||||||||
TheU.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. Theeuro 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 theEuropean Central Bank. TheChinese yuan (also known as the renminbi) has been increasingly used in foreign reserves, particularly after China became a part of the International Monetary Fund'sSpecial Drawing Rights (SDR) basket in 2016. Its share is still relatively small compared to the USD and EUR, typically around 2% to 3%. TheJapanese yen is another significant reserve currency, though its share is typically lower than the euro or yuan, usually around 4% to 5%. TheBritish pound sterling holds a smaller but still notable portion of global reserves, typically around 4% to 5%. Several other currencies, such as theSwiss franc (CHF),Canadian dollar (CAD), andAustralian 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 theChinese yuan. However, this shift has been gradual, and the USD continues to dominate. Major events, such as the2008 financial crisis, theCOVID-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]
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 andmarket 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]