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 positions because this total figure (more accurately called "official reserves", "international reserves", or "official international reserves"), is more readily available and also arguably more meaningful. 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 are 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.
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.
Country(as recognized by the UN)ContinentForeign exchange reserves Including gold Excluding gold Asia 3,854,885 4,299 3,504,805 115,499 1 August 2026 Asia 1,287,470 18,400 1,259,248 16,230 30 June 2026 Europe 939,140 13,935 932,282 24,490 30 June 2026 Asia 785,710 45,290 671,900 56,790 04 September 2026 Europe/Asia 761,200 5,600 434,487 1,517 21 August 2026 Asia 597,150 7,920 544,300 1,071 30 June 2026 Asia 487,370 60,367 494,482 60,366 31 May 2026 *Asia 445,900 20,700 441,788 25,572 30 June 2026 Asia 427,400 400 423,100 12,200 30 June 2026 Asia 426,830 43,535 419,329 44,520 30 June 2026 Americas 366,913 21,658 344,173 361 30 Apr 2026 Europe 345,338 9,863 91,071 9,275 1 Oct 2024 Asia 300,180 62,313 269,687 52,456 1 Jul 2026 Europe 279,631 14,225 79,064 1,240 1 Nov 2024 Europe 272,693 1,132 66,641 143 1 Nov 2024 Americas 255,605 1,495 236,200 9 30 Jan 2026 Americas 253,767 811 242,726 811 22 Aug 2025 Asia 231,880 1,560 6 Oct 2025 Europe 223,200 4,800 188,140 1,257 7 Jan 2025 Asia 218,158 34,137 76,585 12,670 30 Jan 2026 Asia 210,000 5,340 199,400 87 1 Nov 2024 Europe 189,228 4,870 161,908 5,910 1 Nov 2024 Asia 159,246 3,382 1 Nov 2024 Europe 149,416 507 145,012 168 1 Nov 2024 Europe 125,451 212 1 Mar 2024 Americas 123,084 4,990 1 Nov 2024 Asia 119,700 17,459 113,877 14,225 1 Oct 2024 Asia 112,434 328 101,081 41 1 Nov 2024 Europe 100,983 2.380 77,348 2,300 1 Nov 2024 Asia 100,000 15,000 25 Mar 2024 Europe 95,127 3,585 78,224 1,203 31 Jan 2026 Asia 93,342 1,241 1 Mar 2024 Europe 93,196 763 88,450 273 1 Nov 2024 Europe 82,000 14,200 67,200 79 1 Mar 2024 Europe 80,110 1430 1 Oct 2024 Americas 73,483 201 1 Mar 2024 Africa 70,524 238 1 Mar 2024 Africa 68,028 1,880 1 Mar 2024 Africa 67,450 1,186 54,862 143 31 Mar 2025 Oceania 65,018 119 57,998 267 7 Nov 2024 Asia 64,560 8,931 1 Mar 2024 Europe 62,438 271 52,395 209 7 Nov 2024 Americas 57,269 124 8 Mar 2024 Europe 53,710 7,800 1 Mar 2024 Asia 46,420 1,112 1 Mar 2024 Americas 42,527 2,373 1 Mar 2024 Europe 41,344 4,749 1 Mar 2024 Europe 40,507 1,212 1 Mar 2024 Asia 37,660 1552 03 Jul 2026 Americas 36,625 2,207 1 Jun 2026 Europe 35,770 4.213 11 Sept 2026 https://www.b92.net/biz/srbija/vesti/266671/nbs-objavila-kolike-su-bruto-devizne-rezerve-i-koliko-zlata-imamo/vest Europe 35,395 692 1 Mar 2024 Africa 35,310 3,161 1 Mar 2024 Africa 34,980 465 1 Mar 2024 Europe 34,856 954 34,671 187 1 Mar 2024 Asia 34,500 938 1 Mar 2024 Asia 32,195 950 1 Mar 2024 Africa 32,037 213 1 Mar 2024 Oceania 31,712 1,916 1 Mar 2024 Asia 26,791 3885 19 Sep 2026 https://www.sbp.org.pk/assets/document/forex.pdf Asia 24,300 1,641 23,600 210 1 Mar 2024 *Asia 24,283 1,566 1 Mar 2024 Americas 21,390 1,300 1 Mar 2024 Asia 20,600 45 1 Mar 2024 Asia 18,496 67 1 Mar 2024 Asia 18,765 187 1 Mar 2024 Asia 18,400 1,857 11 Mar 2024 Asia 16,163 548 1 Mar 2024 Americas 15,449 1.176 15,441 11 1 Mar 2024 Asia 14,738 692 1 Mar 2024 Americas 14,371 1,145 1 Mar 2024 Africa 14,200 40 15 Mar 2024 Americas 13,200 320 1 Mar 2024 Europe 12,599 130 11,874 2 1 Mar 2024 Asia 11,650 142 1 Mar 2024 Africa 9,800 18 1 Mar 2024 Americas 9,707 805 9,168 7 1 Mar 2024 Asia 9,109 73 1 Mar 2024 Europe 8,711 391 1 Mar 2024 Europe 8,697 165 4,333 19 31 Aug 2024 Africa 8,623 539 21 Mar 2024 Europe 7,995 22 1 Mar 2024 Europe 7,650 441 1 Mar 2024 Americas 7,390 580 21 Mar 2024 Africa 7,022 600 22 Mar 2024 Europe 6,847 24 6,668 9 15 Mar 2024 Asia 6,700 800 1 Mar 2024 Asia 6,467 475 6,425 2 31 Oct 2024 Americas 6,143 200 1 Mar 2024 Americas 5,908 776 1 Mar 2024 Americas 5,800 44 18 Mar 2024 Europe 5,600 600 30 Aug 2024 Africa 5,591 196 5,497 27 1 Mar 2024 Asia 5,500 128 25 Mar 2024 Europe 5,290 200 5,290 47 31 Apr 2024 Europe 5,224 25.58 25 Mar 2024 Asia 5,120 500 20 Mar 2024 Africa 5,080 267 1 Mar 2024 Americas 4,921 300 5 Mar 2024 Europe 4,900 440 1 Mar 2024 Europe 4,339 950 1 Mar 2024 Asia 4,298 600 25 Mar 2024 Americas 3,980 1,100 1 Mar 2024 Europe 3,926 107 3,869 8 1 Mar 2024 Europe 3,913 13 1 Mar 2024 Africa 3,700 259 1 Mar 2024 Europe 3,689 11 20 Mar 2024 Asia 3,664 107 1 Mar 2024 Africa 3,459 180 1 Mar 2024 Africa 3,430 170 1 Mar 2024 Africa 3,368 452 1 Mar 2024 Americas 3,305 747 1 Mar 2024 Asia 2,976 193 1 Mar 2024 Europe 2,935 159 1 Mar 2024 Europe 2,519 62 1 Mar 2024 Americas 2,510 39 1 Mar 2024 Americas 2,500 10,391 15 Mar 2024 Africa 2,490 1,073 5 Mar 2024 Oceania 2,339 500 1 Mar 2024 Americas 2,296 1,256 1 Mar 2024 Europe 2,065 145 1 Mar 2024 Africa 2,019 25 1 Mar 2024 Americas 1,758 85 1 Mar 2024 Americas 1,769 471 1 Mar 2024 Africa 1,620 127 19 Mar 2024 Europe 1,558 26 1 Mar 2024 Africa 1,493 37 1 Mar 2024 Asia 1,482 19 1 Mar 2024 Africa 1,458 7 1 Mar 2024 Africa 6,500 16 12 JUN 2026 Africa 1,425 33 15 Mar 2024 Africa 1,377 90 1 Mar 2024 Asia 1,271 200 1 Mar 2024 Europe 1,119 34 5 Mar 2024 Asia 1,099 23 1 Mar 2024 *Americas 1,080 30 20 Mar 2024 Oceania 1,065 22 5 Mar 2024 Africa 1,053 24 1 Mar 2024 *Americas 1,017 30 15 Mar 2024 Asia 972 3 10 Mar 2024 *Europe 950 15 1 Mar 2024 Europe 937 9 20 Mar 2024 Africa 785 11 1 Mar 2024 Americas 770 2 1 Mar 2024 Europe 716 243 1 Mar 2024 Africa 712 25 1 Mar 2024 Africa 698 6 1 Mar 2024 *Asia 671 12 1 Mar 2024 Asia 654 2 1 Mar 2024 Americas 647 30 8 Mar 2024 Asia 644 6 1 September 2026 Africa 624 2 2 Mar 2024 Africa 604 19 1 Mar 2024 Americas 553 20 10 Mar 2024 Oceania 551 24 8 Mar 2024 Africa 546 19 1 Mar 2024 Oceania 509 2 1 Mar 2024 Africa 505 160 14 Mar 2024 Africa 504 3 1 Mar 2024 Africa 488 17 1 Mar 2024 Africa 467 27 1 Mar 2024 Asia 443 32 1 Oct 2024 Africa 443 20 1 Mar 2024 Asia 401 16 1 Mar 2024 Oceania 395 2 1 Mar 2024 Africa 375 14 1 Mar 2024 Americas 365 14 1 Mar 2024 Africa 342 7 1 Mar 2024 Africa 329 3 1 Mar 2024 Americas 285 6 1 Mar 2024 Americas 281 4 1 Mar 2024 *Americas 258 2 1 Mar 2024 Asia 250 5 1 Mar 2024 Americas 247 11 1 Mar 2024 Oceania 226 3 1 Mar 2024 Africa 208 7 1 Mar 2024 Africa 197 5 1 Mar 2024 *Americas 192 1 1 Mar 2024 Africa 189 2 1 Mar 2024 Oceania 188 3 1 Mar 2024 Africa 186 2 1 Mar 2024 Africa 172 5 1 Mar 2024 Americas 168 6 1 Mar 2024 Africa 164 12 1 Mar 2024 Africa 159 8 1 Mar 2024 Africa 143 4 1 Mar 2024 Africa 105 6 1 Mar 2024 Africa 80 7 2 Mar 2024 Africa 69 9 1 Mar 2024 Americas 54 5 1 Mar 2024 Africa 46 2 1 Mar 2024 Africa 42 3 1 Mar 2024 Africa 37 5 1 Mar 2024 Oceania 8 2 1 Mar 2024 Africa 4 0.8 31 Jul 2025 Europe 4 0.1 31 Aug 2025
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.
China China has had the largest reserves for the last 14 years. Chinese forex reserves are made up of about 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 has 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 were 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.
Switzerland