Top 10 Countries With the Biggest Forex Reserves

Reserves will continue playing a vital role in shaping global financial developments in the years ahead. Despite a barrage of economic sanctions imposed due to its invasion of Ukraine, Russia continues to hold substantial forex reserves totaling around $580 billion. This represents a significant decline from over $640 billion a year ago after blocks on Russian assets and trade took their toll. In contrast to China’s ascent, Japan’s reserves have edged down slightly over the past year as the government tapped this funding source. Japan relies on its vast forex reserves to intervene in currency markets when extreme yen volatility threatens economic stability. China possesses the world’s largest foreign-exchange reserves by far, totaling over $3.2 trillion as of August 2023.

Countries With The Largest Foreign Reserves in 2024: A Global Overview

A few years back japan’s foreign reserves climbed to 1 trillion is a commendable increase in its reserves. Its huge reserves constitute a large amount of foreign direct investment, commendable and gigantic trade ratios, immense foreign loans, and RM B appreciation. China has amassed an unrivaled trove of reserves as it ascends on the world stage. Meanwhile, Japan and Switzerland rely on their deep reserves to support major currencies like the yen and franc that remain closely tied to global market volatility.

• In response, Russia shifted its strategy to reduce reliance on Western financial systems.
• Meanwhile, Japan and Switzerland rely on their deep reserves to support major currencies like the yen and franc that remain closely tied to global market volatility.
• International assistance, currency stabilization efforts, and gradual revitalization of tourism and agriculture sectors have helped preserve these reserves.
• The People’s Bank of China sees gold as a diversification tool, shifting away from the dollar.
• High levels of reserves instill confidence among investors and traders.

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In fact, Switzerland has a value of more than 1,000,000,000 dollars of reserves in 2020. The European country, which is not part of the European Union, thus surpasses the United States by more than 50%. Following the United States we also find the Russian Federation and India, which are in fifth and sixth position respectively. Tunisia maintains reserves of roughly $9.24 billion despite political uncertainty and slow economic growth.

• Its gross domestic product is the seventh-largest according to statistics.
• These reserves underpin one of the continent’s most advanced banking and capital market systems.
• This does not indicate that dollar dominance will collapse in the near future — but does indicate a more balanced, multipolar world.
• Italy holds the third-largest gold reserves, totalling 2,452 tonnes.

This enormous war chest has enabled China to become an economic and geopolitical powerhouse, while also providing a substantial financial buffer against crisis. As well as this, China shows the lowest volatility (standard deviation) in terms of the rate of change, experiencing the lowest maximum decrease of approximately -4.12%. Throughout history, gold reserves have been viewed as critical national assets, often influencing economic policies and wartime strategies. Therefore, this article not only highlights the countries with substantial gold holdings but also underscores the importance of gold as a strategic asset in global finance. However, analysts believe China’s actual holdings might be higher due to state secrecy. It is actively accumulating gold as part of a long-term plan to diversify its massive foreign-exchange reserves.

Germany’s trust in gold remains high due to historical currency collapses. Foreign exchange reserves are the foreign currency deposits held by national central banks by monetary authorities. In today’s article we will look at the 15 nations in the world that have the most reserves (including gold). Total reserves comprise holdings of monetary gold, special drawing rights, reserves of IMF members held by the IMF, and holdings of foreign exchange under the control of monetary authorities.

Robust reserves provide South Korea with an important buffer against external shocks and exchange rate volatility. The government draws upon reserves to moderate won currency swings during periods of market turmoil and risk aversion. Known for world-leading technology and manufacturing exports, South Korea holds over $450 billion in foreign-exchange reserves as of August 2023. This represents an increase from approximately $440 billion a year earlier.

Morocco: $36.3 Billion Supported by Diverse Sectors

Like Libya, it is heavily dependent on hydrocarbons, but a combination of high global energy prices, reduced external debt and tighter import controls has helped it rebuild its buffers after periods of stress. Together, these factors have allowed Libya to build and maintain one of Africa’s largest reserve cushions, underscoring the resilience of its oil-driven economy. Libya sits at the top of the list with foreign reserves estimated at more than $92 billion. Going to analyze the nations that have had the largest positive variation in the last week/month, at the first place in this case we find Japan. Japan, which in the last period had a positive variation of +37.780 million dollars.

If oil markets tighten and prices spike higher, Saudi Arabia will likely rebuild its reserve cushion. However, reserves may face pressure if global growth slows and energy demand declines. The Saudi government utilizes reserves to smooth volatility in the riyal while also supporting the national budget during periods of lower oil prices. This buffer remains vital given the economy’s outsized exposure to oil. Saudi Arabia holds over $450 billion in foreign-exchange reserves as it remains highly dependent on oil export revenues. Reserves dropped from a peak above $500 billion in 2021 after the government drew on this funding to counteract pandemic impacts.

These reserves help the central bank in stabilizing currency and for financial security. In 2025, India ranks fourth in the world with $686.1 billion in foreign exchange reserves. These reserves help support the Indian rupee (INR), control inflation and keep the economy strong during global changes. Russia follows in fifth place with $620.8 billion, though top 10 foreign reserve country reduced due to sanctions and political tensions. Another important point to note is that Russia’s foreign exchange reserves totaled over $600 billion as of November 2024.

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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. 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.

As of July 2025, China has nearly $3.2 trillion worth of foreign reserves. Strong economic management and resilience are indicated by high reserves, and this can result in improved credit ratings and cheaper borrowing rates on global markets. Reserves are a tool that central banks can employ to curb excessive currency volatility and interfere in foreign exchange markets. Russia is one of the growing countries and got the seventh position on the list. It is one of the largest oil-exporting countries accounting for 10.53% of global exports with a total of about $115 billion. Apart from it, Russia is also a big supplier of weapons and modern technology.

When the price of oil is high, Saudi Arabia receives a higher amount of dollars, which it invests in foreign assets. The Saudi Central Bank and the sovereign wealth fund manage these reserves. Saudi Arabia holds $434 billion, with oil revenues being the primary contributor. However, massive government spending and price volatility limit the accumulation. Hong Kong and South Korea, both global trade hubs, maintain similar reserve levels (~$420 billion) for economic shock absorption.

The Reserve Bank of India uses this money to stabilise the rupee in the world arena, control inflation, and serve as a shield against financial volatility globally. U.S. foreign reserves, including foreign currencies of mostly euros and yen, were valued at $241 billion in November 2024. The United Kingdom, which also did not make the top 10 list, held $223 billion in foreign reserves as of the same month.