5 Countries With The Largest Foreign Reserves in 2023

In this article we are going to list the 5 countries with the largest foreign reserves in 2023. For a detailed coverage of this topic and a more comprehensive list please take a look at the 20 countries with the largest foreign reserves in 2023.

5. Russia

Total forex reserves as at October 2023 (in millions): $575,500

Russia has amassed its massive foreign reserves by selling oil and gas to western countries, and is among the countries with the highest oil exports in the world. While Russia has faced heavy sanctions from the West after invading Ukraine, there is little risk currently of Western countries freezing its reserves. Russia demanded that gas payments be made in Russian rubles, particularly for “unfriendly” countries. This was done to increase the supply of rubles and prop up the currency after its value fell off a cliff immediately after the invasion.

4. India

Total forex reserves as at October 2023 (in millions): $586,100

As India’s economic importance grows, so has its foreign reserves, and more and more countries are investing in India, leading to higher Foreign Direct Investment. Other contributors to India being among the countries with the largest foreign reserves in 2023 include greater IT and service exports, with said reserves being used for the management of monetary policies and maintaining exchange rates.

3. Switzerland

Total forex reserves as at September 2023 (in millions): $830,706

As the Swiss franc weakened in value, its forex reserves surged and it consolidated its position among the countries with the largest foreign reserves in 2023.

2. Japan

Total forex reserves as at October 2023 (in millions): $1,253,673

One of only two countries with foreign reserves in excess of $1 trillion, Japan’s foreign reserves have fallen by a record $54 billion, with the country’s authorities intervening to spend around $20 billion in a bid to counter a surging dollar.

1. China

Total forex reserves as at October 2023 (in millions): $3,115,000

Easily topping the list of the 20 countries with the largest foreign reserves in 2023 is China, which has lent over $1.3 trillion to developing economies from 2000 – 2021. Despite having the largest reserves in the world, October was the third consecutive month in which China’s forex reserves declined.

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