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Foreign exchange reserves (also called Forex Reserves) are assets that are held on reserve by a central bank. These assets are typically held in foreign currencies. The purpose of Forex Reserves is to influence monetary policy and back liabilities. Forex reserves can also be used for trading with other countries. An example of a Forex Reserve is the foreign money held by the US Federal Reserve Bank. Forex reserves may include foreign currencies, treasury bills, bonds and other government securities.
Forex reserves can include banknotes, treasury bills and other forms of government securities. The purpose of hold foreign exchange reserves in a foreign currency is to ensure that a country's government has money to rely on if something should happen to their national currency. If their national currency becomes insolvent or rapidly devalues, that country still has assets that can be used for necessary purchases, trading with other governments and so on.
Below are the 10 countries with the highest Forex Reserves:
Country | Forex Reserves |
---|---|
China | $3.38 Mn |
Japan | $1.25 Mn |
Switzerland | $898,588 |
India | $594,888 |
Russia | $579,500 |
Taiwan | $566,490 |
Saudi Arabia | $443,261 |
South Korea | $421,454 |
Hong Kong | $417,283 |
Brazil | $343,620 |
Typically, countries hold their Forex reserves in the US dollar, because it is the most commonly traded currency in the world. Other currencies that Forex reserves are sometimes held in include: the euro (EUR), Japanese yen (JPY), British pound (GBP), and the Chinese yuan (CNY).
China holds the largest foreign currency reserve in the world. Most of these reserves are held in US dollars. This makes trading with other countries easier, because most of the trading that China conducts takes place using US dollars.
Country | Forex Reserves (Million USD) | Figures Date |
---|---|---|
China | $3.38 Mn | June 2023 |
Japan | $1.25 Mn | July 2023 |
Switzerland | $898,588 | June 2023 |
India | $594,888 | August 2023 |
Russia | $579,500 | August 2023 |
Taiwan | $566,490 | July 2023 |
Saudi Arabia | $443,261 | June 2023 |
South Korea | $421,454 | June 2023 |
Hong Kong | $417,283 | June 2023 |
Brazil | $343,620 | June 2023 |
Singapore | $331,188 | June 2023 |
Germany | $305,140 | June 2023 |
United States | $242,731 | March 2023 |
France | $238,277 | October 2022 |
Italy | $234,034 | June 2023 |
Thailand | $221,374 | July 2023 |
Mexico | $204,130 | July 2023 |
Israel | $201,895 | April 2023 |
United Kingdom | $182,790 | November 2022 |
Poland | $180,700 | June 2023 |
United Arab Emirates | $151,600 | June 2023 |
Czech Republic | $142,989 | July 2023 |
Indonesia | $124,200 | June 2023 |
Iraq | $115,000 | February 2023 |
Malaysia | $112,900 | July 2023 |
Turkey | $108,580 | June 2023 |
Canada | $106,462 | November 2022 |
Philippines | $99,951 | July 2023 |
Vietnam | $92,101 | August 2022 |
Spain | $87,229 | June 2022 |
Iran | $86,000 | February 2020 |
Denmark | $73,922 | May 2022 |
Peru | $73,416 | June 2022 |
Norway | $70,287 | June 2022 |
Libya | $69,114 | March 2022 |
Algeria | $66,140 | March 2023 |
Romania | $66,045 | July 2023 |
Qatar | $65,671 | August 2023 |
South Africa | $61,296 | May 2023 |
Colombia | $58,161 | September 2021 |
Australia | $57,889 | December 2022 |
Sweden | $54,020 | March 2021 |
Netherlands | $54,016 | May 2021 |
Chile | $42,593 | April 2021 |
Ukraine | $41,719 | August 2023 |
Nigeria | $40,660 | December 2021 |
Hungary | $36,593 | April 2021 |
Kazakhstan | $35,438 | November 2021 |
Uzbekistan | $35,139 | January 2022 |
Bulgaria | $32,881 | April 2021 |
Egypt | $32,149 | December 2022 |
Belgium | $31,762 | April 2021 |
Portugal | $29,050 | April 2021 |
Austria | $28,513 | April 2021 |
Croatia | $28,416 | January 2022 |
Morocco | $27,800 | October 2021 |
Macau | $25,849 | April 2021 |
Argentina | $24,092 | July 2023 |
Bangladesh | $23,374 | July 2023 |
Turkmenistan | $20,600 | February 2017 |
Cambodia | $19,500 | July 2021 |
Jordan | $19,044 | December 2021 |
Guatemala | $18,807 | April 2021 |
Serbia | $18,560 | December 2021 |
Oman | $18,000 | December 2021 |
Uruguay | $16,952 | December 2021 |
Finland | $16,552 | January 2022 |
Angola | $15,400 | January 2022 |
New Zealand | $14,544 | December 2021 |
Dominican Republic | $12,611 | June 2021 |
Ghana | $11,403 | September 2021 |
Greece | $10,895 | February 2021 |
Nepal | $10,100 | June 2023 |
Afghanistan | $9,446 | February 2021 |
Paraguay | $9,200 | July 2023 |
Lebanon | $8,600 | August 2023 |
Bosnia and Herzegovina | $8,400 | May 2023 |
Ecuador | $8,130 | November 2021 |
Slovakia | $8,100 | May 2021 |
North Korea | $8,000 | October 2013 |
Pakistan | $7,930 | August 2023 |
Honduras | $7,871 | June 2023 |
Azerbaijan | $7,689 | March 2021 |
Mauritius | $7,461 | April 2021 |
Tunisia | $7,300 | April 2023 |
Belarus | $7,277 | April 2021 |
Trinidad and Tobago | $7,000 | August 2021 |
Iceland | $6,860 | April 2021 |
Costa Rica | $6,814 | November 2021 |
Tanzania | $6,714 | November 2021 |
Myanmar | $6,700 | January 2019 |
Venezuela | $5,908 | November 2021 |
Panama | $5,800 | May 2023 |
Ireland | $5,700 | June 2023 |
Latvia | $5,404 | April 2021 |
Georgia | $5,100 | January 2023 |
Botswana | $5,080 | February 2021 |
Moldova | $4,868 | May 2023 |
Lithuania | $4,848 | December 2020 |
Cuba | $4,847 | March 2020 |
Ivory Coast | $4,688 | November 2017 |
Albania | $4,345 | November 2021 |
Vatican City | $4,339 | April 2023 |
Jamaica | $4,208 | May 2023 |
Armenia | $4,100 | December 2022 |
Uganda | $4,075 | June 2023 |
Ethiopia | $3,993 | January 2019 |
Sri Lanka | $3,762 | July 2023 |
Mongolia | $3,697 | September 2020 |
Andorra | $3,689 | April 2023 |
Brunei | $3,664 | February 2021 |
Bolivia | $3,538 | February 2023 |
Cameroon | $3,459 | January 2018 |
Bahrain | $3,415 | February 2020 |
Kyrgyzstan | $2,910 | September 2021 |
Nicaragua | $2,680 | February 2023 |
El Salvador | $2,510 | April 2021 |
Papua New Guinea | $2,339 | January 2019 |
Haiti | $2,296 | January 2023 |
Estonia | $2,216 | October 2020 |
Namibia | $1,924 | September 2020 |
Bahamas | $1,758 | January 2019 |
Kenya | $1,690 | October 2022 |
Madagascar | $1,593 | January 2019 |
Montenegro | $1,529 | January 2019 |
Mauritania | $1,493 | January 2020 |
Tajikistan | $1,466 | January 2019 |
Rwanda | $1,465 | January 2019 |
Zambia | $1,449 | January 2019 |
Guinea | $1,418 | January 2019 |
Gabon | $1,321 | January 2019 |
Cyprus | $1,271 | August 2020 |
Slovenia | $1,217 | October 2020 |
Luxembourg | $1,191 | December 2020 |
Laos | $1,068 | January 2019 |
Curacao | $1,055 | October 2019 |
Fiji | $1,043 | January 2019 |
Niger | $1,039 | January 2015 |
Aruba | $982 | January 2019 |
Bhutan | $970 | July 2022 |
Malta | $928 | October 2020 |
Lesotho | $774 | January 2019 |
Barbados | $772 | January 2019 |
Maldives | $762 | January 2018 |
Cape Verde | $737 | January 2019 |
Gambia | $692 | January 2018 |
Palestine | $683 | August 2019 |
DR Congo | $665 | January 2018 |
Timor Leste | $656 | January 2019 |
Suriname | $647 | January 2019 |
Mali | $624 | January 2015 |
Guyana | $573 | January 2019 |
Solomon Islands | $571 | January 2019 |
Seychelles | $566 | September 2020 |
Sierra Leone | $532 | January 2019 |
Vanuatu | $511 | January 2019 |
Djibouti | $501 | January 2019 |
San Marino | $473 | January 2019 |
Malawi | $471 | October 2021 |
Eswatini | $440 | January 2019 |
Republic of the Congo | $423 | January 2018 |
Syria | $407 | December 2017 |
Micronesia | $397 | January 2019 |
Central African Republic | $361 | January 2018 |
Saint Kitts and Nevis | $351 | January 2018 |
Liberia | $349 | January 2019 |
Guinea Bissau | $332 | January 2015 |
Antigua and Barbuda | $279 | January 2019 |
Belize | $277 | January 2019 |
Saint Lucia | $260 | January 2019 |
Yemen | $245 | December 2017 |
Grenada | $236 | January 2019 |
Tonga | $229 | January 2019 |
Togo | $215 | December 2017 |
Comoros | $202 | January 2019 |
Saint Vincent and the Grenadines | $193 | January 2019 |
Eritrea | $191 | January 2019 |
Samoa | $185 | January 2019 |
Sao Tome and Principe | $184 | January 2020 |
Sudan | $177 | January 2017 |
Dominica | $166 | January 2019 |
Senegal | $152 | December 2017 |
Zimbabwe | $151 | January 2019 |
Chad | $147 | January 2018 |
Burundi | $111 | January 2019 |
South Sudan | $73 | January 2022 |
Benin | $60 | December 2017 |
Montserrat | $49 | December 2017 |
Burkina Faso | $45 | December 2017 |
Somalia | $32 | December 2017 |
Kiribati | $6 | January 2020 |
Kuwait | May 2022 |