List of countries by foreign-exchange reserves

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Foreign exchange reserves, also called Forex reserves, are, in a strict sense, only 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.[citation needed]

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 Japanese Yen, the Pound Sterling, and the Chinese Yuan) 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 curruency. Some nations are converting foreign-exchange reserves into sovereign wealth funds, which can rival foreign-exchange reserves in size.[citation needed]

The list below is mostly based on the latest available IMF data, and while most nations report in U.S. dollars, a few nations in Eastern Europe report solely in Euros and some others report in their respective currencies. And since all the figures below are in U.S dollar equivalents, exchange rate fluctuations can have a significant impact on these figures.

Rank
[lower-alpha 1]
Country or region Foreign
exchange
reserves
(millions US$)
Figures as of Change from
previous data
(millions US$)
weekly/monthly
Sources
1 Steady Template:China 3,371,823 31 May 2023 Decrease 28,957 [1]
2 Steady  Japan 1,254,522 31 May 2023 Decrease 10,892 [2]
3 Steady   Switzerland 898,006 May 2023 Decrease 14,235 [3]
4 Steady  India 609,022 14 July 2023 Increase 12,743 [4][lower-alpha 2][5]
5 Steady  Russia 594,400 14 July 2023 Increase 11,300 [6][lower-alpha 3]
6 Steady  Taiwan 562,870 May 2023 Increase 1,750 [7][lower-alpha 4]
7 Increase  South Korea 421,454 June 2023 Increase 471 [8]
8 Decrease Template:HKG 421,007 31 May 2023 Decrease 9,693 [9]
9 Decrease  Saudi Arabia 404,470 April 2023 Decrease 33,292 [10][lower-alpha 5]
10 Steady  Brazil 341,158 March 2023 Increase 13,060 [11]
11 Steady  Singapore 289,484 December 2022 Decrease 1,790 [12]
12 Steady  Germany 277,458 November 2022 Increase 3,037 [13][14][lower-alpha 6]
13 Steady  United States 242,731 3 March 2023 Increase 0,860 [15][lower-alpha 7]
14 Steady  France 238,277 October 2022 Increase 0,948 [16]
15 Increase  Thailand 225,486 January 2023 Increase 8,854 [17]
16 Decrease  Italy 211,308 November 2022 Increase 1,932 [18][13][19] [lower-alpha 8]
17 Increase  Mexico 204,130 July 2023 Increase 1,059 [20][21]
18 Steady  Israel 201,895 April 2023 Increase 1,409 [22]
19 Steady  United Kingdom 182,790 November 2022 Increase 6,686 [23][24][lower-alpha 9]
20 Increase  Poland 180,700 June 2023 Increase 5,321 [25]
21 Increase  Czech Republic 140,659 March 2023 Increase 5,481 [26]
22 Steady  Indonesia 140,311 February 2023 Increase 0,907 [13][27]
23 Increase  United Arab Emirates 115,725 September 2022 Decrease 3,540 [28][lower-alpha 10]
24 Increase  Iraq 115,000 February 2023 Increase 19,000 [29]
25 Decrease  Malaysia 111,400 June 2023 Decrease 1,500 [30]
26 Decrease  Canada 106,462 November 2022 Increase 2,686 [31]
27 Steady  Philippines 101,296 May 2023 Decrease 464 [32]
28 Decrease  Turkey 97,080 May 2023 Decrease 17,797 [33][lower-alpha 11]
29 Decrease  Vietnam 92,101 August 2022 Decrease 6,504 [34]
30 Decrease  Spain 87,229 30 June 2022 [35][13]
31 Steady  Iran 86,000 February 2020 [36][lower-alpha 12]
N/A  European Union (ECB) 85,602 August 2021 Increase 0,801 [37][lower-alpha 13]
32 Increase  Denmark 73,922 May 2022 Decrease 0,315 [13][38]
33 Decrease  Peru 73,416 30 June 2022 Increase 3,000 [39][40]
34 Decrease  Norway 70,287 June 2022 Decrease 2,843 [41][13]
35 Increase  Libya 69,114 March 2022 Decrease 0,665 [42][34]
36 Increase  Algeria 66,140 March 2023 Increase 5,150 [43][44][34]
37 Steady  Romania 64,298 30 June 2023 Increase 1,063 [45][46]
38 Steady  South Africa 61,296 May 2023 Decrease 424 [47][34]
39 Steady  Colombia 58,161 September 2021 Increase 0,124 [13]
40 Increase  Australia 57,889 December 2022 Increase 2,226 [48]
41 Steady  Sweden 54,020 6 March 2021 Decrease 1,345 [49][lower-alpha 14]
42 Steady  Netherlands 54,016 May 2021 Increase 2,677 [13][50]
43 Steady Template:KUW 48,895 May 2022 Increase 2,040 [51][lower-alpha 15]
44 Steady  Chile 42,593 April 2021 Increase 2,373 [13]
45 Increase  Qatar 42,341 May 2022 Increase 1,305 [52]
46 Increase  Nigeria 40,660 22 December 2021 Increase 4,652 [53]
47 Steady  Ukraine 38,999 1 July 2023 Increase 1,688 [54]
48 Decrease  Hungary 36,593 April 2021 Decrease 0,933 [13][55]
49 Decrease  Kazakhstan 35,438 November 2021 Decrease 0,382 [13]
50 Steady  Uzbekistan 35,139 1 January 2022 Increase 0,390 [56]
51 Decrease  Bulgaria 32,881 April 2021 Decrease 0,748 [13]
52 Steady  Egypt 32,149 December 2022 Decrease 453 [57]
53 Steady  Belgium 31,762 April 2021 Increase 860 [13]
54 Increase  Portugal 29,050 April 2021 Increase 2,391 [13]
55 Steady  Austria 28,513 April 2021 Increase 842 [13]
56 Increase  Croatia 28,416 3 January 2022 Increase 996 [58][59]
57 Decrease  Argentina 27,926 30 June 2023 Decrease 5,075 [60][34]
58 Increase  Morocco 27,800 October 2021 Increase 380 [13]
59 Steady  Macau 25,849 April 2021 Increase 819 [61]
60 Decrease  Bangladesh 24,753 June 2023 Decrease 6,449 [62][63]
61 Increase  Turkmenistan 20,600 February 2017 [36]
62 Decrease  Cambodia 19,500 23 July 2021 Decrease 1,410 [64]
63 Increase  Jordan 19,044 December 2021 Increase 987 [13]
64 Steady  Guatemala 18,807 April 2021 Increase 112 [13]
65 Increase  Serbia 18,560 14 December 2021 Increase 175 [65]
66 Increase  Oman 18,000 28 December 2021 Increase 778 [66]
67 Increase  Uruguay 16,952 December 2021 Decrease 176 [67]
68 Increase  Finland 16,552 January 2022 Decrease 228 [13][68]
69 Steady  Angola 15,400 2 January 2022 Increase 391 [69]
70 Steady  New Zealand 14,544 December 2021 Decrease 1,559 [13]
71 Increase  Dominican Republic 12,611 June 2021 Increase 200 [70]
72 Decrease  Lebanon 12,500 21 December 2021 Decrease 30,877 [71]
73 Increase  Ghana 11,403 29 September 2021 Increase 2,445 [72]
74 Decrease  Greece 10,895 February 2021 Increase 277 [13]
75 Increase  Paraguay 9,880 April 2021 Increase 199 [13]
76 Increase  Panama 9,613 2020 Increase 5,400 [70]
77 Increase  Afghanistan 9,446 February 2021 Decrease 60 [34]
78 Decrease    Nepal 10,940 May 2023 Decrease 570 [73]
79 Increase  Bosnia and Herzegovina 9,300 29 November 2021 Increase 916 [74]
80 Steady  Tunisia 8,840 March 2021 Decrease 290 [34]
81 Steady  Honduras 8,462 24 December 2021 Increase 320 [75]
82 Increase  Ecuador 8,130 23 November 2021 Increase 4,931 [76]
83 Decrease  Slovakia 8,100 May 2021 Increase 96 [13]
84 Steady  North Korea 8,000 October 2013 [77]
85 Increase  Ireland 7,717 April 2021 Decrease 3 [78]
86 Increase  Azerbaijan 7,689 March 2021 Increase 142 [13]
87 Increase  Mauritius 7,461 April 2021 Increase 133 [13]
88 Decrease  Belarus 7,277 April 2021 Increase 337 [13]
89 Increase  Trinidad and Tobago 7,000 August 2021 Increase 644 [79][80]
90 Steady  Iceland 6,860 April 2021 Increase 74 [13]
91 Decrease  Costa Rica 6,814 29 November 2021 Decrease 320 [81]
92 Increase Template:TAN 6,714 19 November 2021 Increase 1,600 [82]
93 Steady  Myanmar 6,700 2019 Increase 0,800 [83]
94 Steady  Venezuela 5,908 16 November 2021 Decrease 776 [84]
95 Increase  Latvia 5,404 April 2021 Increase 80 [13]
96 Increase  Georgia 5,100 January 2023 Increase 900 [13]
97 Steady Template:BOT 5,080 February 2021 Decrease 267 [34]
98 Increase  Moldova 4,868 31 May 2023 Increase 15 [85][86]
99 Steady  Lithuania 4,848 December 2020 Decrease 440 [13]
100 Decrease  Cuba 4,847 March 2020 Decrease 8,391 [70]
101 Increase  Ivory Coast 4,688 November 2017 [36]
102 Increase  Albania 4,345 26 November 2021 Decrease 0,400 [87]
103 Increase  Vatican City 4,339 1 April 2023 Increase 0,950 [88]
104 Increase  Armenia 4,100 December 2022 Increase 0,600 [89]
105 Increase  Nicaragua 4,000 17 December 2021 Increase 1,100 [90]
106 Increase  Ethiopia 3,993 2019 [83]
107 Increase  Jamaica 3,905 June 2021 Increase 0,300 [13]
108 Increase  Uganda 3,888 2019 [83]
109 Increase  Bolivia 3,538 February 2023 Decrease 0,639 [91]
110 Increase  Mongolia 3,697 September 2020 Decrease 0,300 [13]
111 Decrease  Andorra 3,689 20 April 2023 Increase 11 [92]
112 Steady  Brunei 3,664 February 2021 Increase 0,098 [34]
113 Increase  Sri Lanka 3,483 May 2023 Increase 1,362 [93]
114 Increase  Cameroon 3,459 2018 [83]
115 Decrease  Pakistan 8,727.2 15 July 2023 Increase 5,338.1 [94]
116 Steady  Bahrain 3,415 February 2020 [citation needed]
117 Increase  Kyrgyzstan 2,910 September 2021 Increase 0,700 [13]
118 Increase  El Salvador 2,510 April 2021 Increase 0,062 [13]
119 Increase  Papua New Guinea 2,339 2019 Increase 0,500 [83]
120 Decrease  Haiti 2,296 2023 Decrease1,256 [70]
121Increase  Estonia 2,216 October 2020 Increase 0,900 [13]
122 Decrease  Namibia 1,924 September 2020 Decrease 0,025 [13]
123 Steady  Bahamas 1,758 2019 [83]
124 Decrease  Kenya 1,690 20 October 2022 Decrease 0,073 [95]
125 Steady Template:MAD 1,593 2019 [83]
126 Steady  Montenegro 1,529 2019 [83]
127  Mauritania 1,493 2020 [83]
128 Steady  Tajikistan 1,466 2019 [83]
129 Steady  Rwanda 1,465 2019 [83]
130 Steady Template:ZAM 1,449 2019 [83]
131 Steady Template:GUI 1,418 2019 [83]
132  Gabon 1,321 2019 [83]
133 Increase  Cyprus 1,271 August 2020 Increase 0,200 [13]
134  Bhutan 970 2022 [83]
135 Increase  Slovenia 1,217 October 2020 Increase 0,200 [13]
136  Luxembourg 1,191 December 2020 Decrease 0,034 [13]
137  Laos 1,068 2019 [83]
138 Template:CUW 1,055 31 October 2019 [96][lower-alpha 16]
139  Fiji 1,043 2019 [83]
140  Niger 1,039 2015 [83][failed verification]
141 Template:ABW 982 2019 [83]
142  Kosovo 965 2019 [83]
143 Increase  Malta 928 October 2020 Increase 0,030 [13]
144 Template:LES 774 2019 [83]
145  Barbados 772 2019 [83]
146  Maldives 762 2018 [83]
147  Cape Verde 737 2019 [83]
148  Gambia 692 2018 [83]
149 Increase  Palestine 683 August 2019 Increase 0,050 [13][lower-alpha 17]
150  Democratic Republic of the Congo 665 2018 [83]
151  Timor-Leste 656 2019 [83]
152 Increase  Suriname 647 2019 Increase 0,065 [83]
153  Mali 624 2015 [83][failed verification]
154 Increase  Guyana 573 2019 Increase 0,050 [83]
155  Solomon Islands 571 2019 [83]
156 Increase  Seychelles 566 September 2020 Increase 0,031 [13]
157  Sierra Leone 532 2019 [83]
158  Vanuatu 511 2019 [83]
159  Djibouti 501 2019 [83]
160  San Marino 473 2019 [83]
161 Decrease  Malawi 471 13 October 2021 Decrease 0,350 [98]
162  Eswatini 440 2019 [83]
163  Republic of the Congo 423 2018 [83]
164  Syria 407 31 December 2017 [36]
165  Federated States of Micronesia 397 2019 [83]
166  Central African Republic 361 2018 [83]
167  Saint Kitts and Nevis 351 2018 [83]
168  Liberia 349 2019 [83]
169  Guinea-Bissau 332 2015 [83][failed verification]
170  Antigua and Barbuda 279 2019 [83]
171  Belize 277 2019 [83]
172  Saint Lucia 260 2019 [83]
173  Yemen 245 31 December 2017 [36]
174  Grenada 236 2019 [83]
175  Tonga 229 2019 [83]
176 Template:TOG 215 31 December 2017 [36]
177  Comoros 202 2019 [83]
178 Template:VIN 193 2019 [83]
179  Eritrea 191 2019 [83]
180  Samoa 185 2019 [83]
181  São Tomé and Príncipe 184 2020 [83]
182  Sudan 177 2017 [83]
183  Dominica 166 2019 [83]
184  Senegal 152 31 December 2017 [36]
185  Zimbabwe 151 2019 [83]
186  Chad 147 2018 [83]
187  Burundi 111 2019 [83]
188  South Sudan 73 2022 [83]
189  Benin 60 31 December 2017 [36]
190 Template:MSR 49 31 December 2017 [36]
191  Equatorial Guinea 48 2018 [83]
192  Burkina Faso 45 31 December 2017 [36]
193  Somalia 32 31 December 2017 [36]
194  Kiribati 6 2020 [34]

Timeline of the top 5 countries[edit]

The five countries with the largest foreign exchange reserves almost all have reserves of at least 500 billion USD and higher and have maintained such an amount for at least a week. At present there are only six countries whose reserves are at such a figure; this includes China, Japan, Switzerland, India, Russia and Taiwan. Saudi Arabia formerly included on the list until March 2020; its reserves were severely depleted by the low oil price during the economic fallout of from the global outbreak of coronavirus disease, its ongoing oil price war with Russia and competition from US shale oil.[99]

The images below shows the timeline of their reserves since the earliest available forex data. The list is in accordance to their respective positions.

China

Foreign Exchange Reserves of China

The foreign-exchange reserves of China are the greatest of all countries and have been so for more than 14 years.[100][101] 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.

China began reducing its forex reserves in July 2014 over concerns that the forex reserve level was too high. The practice lasted one and a half years. In January 2017, Chinese forex reserves dipped below $3 trillion briefly and have since remained above that level.

Japan

Foreign Exchange Reserves of Japan

Japanese forex reserves are the second largest in the world. Japan was the first country to reach $500 billion in reserves and had the highest forex reserves in the world until they were surpassed by China in 2006. They have remained in second place since 2006 and above $1 trillion since 2008, being the second country to surpass $1 trillion.[102]

Switzerland

Foreign Exchange Reserves of Switzerland in CHF

Swiss forex reserves are the third largest 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. Since the Financial crisis of 2007-2008, 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. In order 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,[103] 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.[104] 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

Foreign Exchange Reserves of India

The Foreign-exchange reserves of India are the world's fourth largest. On 4 June 2021 reserves exceeded $600 billion for the first time and they became the fifth country after Switzerland to do so.[105] During the 1991 Indian economic crisis country only had $5 billion of reserves left which led to subsequent economic liberalisation. Since then the reserves have seen a 127 times increase over 30 years.

Russia

Foreign Exchange Reserves of Russia

Russian reserves are the world's fifth largest; They have reached a level of $600 billion on 21 May 2021. They were the third country to reach $500 billion.[106] The first fall in reserves was due to the Great Recession, the second fall in 2015 was due to falling oil prices.

Currency composition of foreign exchange reserves[edit]

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. As of Q4 2016, there are 146 reporters, consisting of IMF member countries, a number of non-member countries/economies, and other entities holding foreign exchange reserves. From Q4 2016, the data was expanded to include renminbi (RMB).[107] Monetary gold is not covered in COFER but included in reserved assets, a broader scope than that of COFER.[108]

Currency Composition of Foreign Exchange Reserves (COFER)
(US Dollars, billions)[107]
No. Currency Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021
1 United StatesUSD 5,713.35 5,909.13 6,124.73 6,280.61 6,530.87 6,560.78 6,632.15 6,617.84 6,727.09 6,752.28 6,728.85 6,674.83 6,794.91 - - 6,990.97 6,971.79 7,070.33 7,087.77 7,087.14
2 European UnionEUR 1,703.13 1,847.19 1,933.68 2,019.25 2,117.57 2,129.41 2,192.43 2,219.34 2,208.79 2,264.88 2,212.74 2,279.30 2,197.30 - - 2,526.41 2,404.80 2,458.88 2,462.44 2,486.88
3 JapanJPY 399.85 427.79 435.67 491.01 477.28 511.52 532.94 558.36 584.63 611.87 612.75 631.00 624.97 - - 715.35 686.30 672.20 681.42 671.77
4 United KingdomGBP 377.89 409.48 434.08 454.12 486.13 469.86 481.10 475.45 495.70 497.41 492.22 511.51 486.08 - - 561.39 554.28 560.90 561.66 576.22
5 ChinaRMB 95.42 100.00 108.37 123.47 145.67 192.75 192.38 202.79 212.26 212.80 213.83 215.81 221.48 - - 271.60 293.32 314.81 320.15 336.10
6 CanadaCAD 167.49 178.77 192.85 202.80 193.29 200.22 208.74 197.76 208.64 209.85 205.44 206.71 195.13 - - 246.57 250.01 270.01 264.29 286.93
7 AustraliaAUD 156.28 162.31 171.22 180.01 176.96 178.61 180.91 174.21 181.95 186.71 182.48 187.18 170.16 - - 216.87 214.89 218.44 214.26 218.02
8 Template:Country data SwissCHF 14.45 15.60 16.31 18.09 17.93 17.18 17.18 15.86 15.27 15.53 16.20 17.36 16.05 - - 20.74 19.44 23.13 23.77 24.51
Other currencies 208.28 209.55 228.81 244.69 256.46 254.62 269.60 266.07 263.50 270.56 262.92 281.50 255.53 - - 314.63 335.82 357.57 354.77 362.96
Unallocated Reserves 2,063.28 1,859.04 1,650.32 1,430.36 1,201.40 951.69 692.22 690.55 712.93 715.88 729.40 749.55 770.32 - - 841.14 851.50 865.83 860.67 886.73
Total 10,899.42 11,118.86 11,296.05 11,444.41 11,603.57 11,466.63 11,399.66 11,418.24 11,610.77 11,737.76 11,656.82 11,824.74 11,731.94 - - 12,705.67 12,582.14 12,812.12 12,831.20 12,937.27

See also[edit]

Notes[edit]

  1. Increment and decrement icon of countries resets at end of month or till specific country releases its forex reserve data.
  2. Indian reports are released on a weekly basis rather than the traditional monthly basis with the figures being of the previous week publish, by Reserve Bank of India.
  3. Russian Federation releases both weekly and monthly data of its reserves.
  4. Known as the Republic of China
  5. Amount calculated on 14th May, 2023 when 1 SAR: 0.27 USD
  6. Amount calculated on 21th July, 2022 when 1 EUR : 1.02 USD
  7. Includes 261.499 million fine troy ounces of gold valued at a fixed price of $42.2222 per fine troy ounce. The US releases data on a weekly basis.
  8. Amount calculated on 8th Oct, 2022 when 1 Euro: 0.97 USD
  9. Reserves held by the UK Government and Bank of England.
  10. Amount calculated on 1 September 2022 when 1 AED : 0.27 USD; It is almost non-volatile for the last period of 1 yr. and the value is not fluctuated on large scale
  11. Turkey releases both weekly and monthly data
  12. The Iranian government does not report the foreign exchange reserves as a matter of policy and all figures are estimates calculated by international or foreign institutes, which are occasionally endorsed by Iranian officials without disclosing the exact numbers.
  13. Not to be confused over 'Eurozone' ECB is the common bank of European countries that have opted for Euro as their common currency but eurozone includes the total amount of foreign reserves held by the different European countries central bank and provides collective data of all European members.
  14. Sweden releases both weekly and monthly data
  15. Amount calculated on 20 July 2022 when 1 Kuwaiti Dinar: 3.25 USD
  16. Figure reported in NAf (ANG), and derived using currency peg of 1USD to 1.79ANG.[97]
  17. Name in IMF data is "West Bank and Gaza".

References[edit]

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