Do you know which are the countries with highest foreign currency reserves in the world? Let’s find out together.
We will assume that not many of you are familiar with the term. So, in order to understand our main topic, we will first tell what foreign reserves of one country are, and can we rank international reserves by country. International reserves are any kind of reserve funds that pass between the central banks of different countries in the world as an acceptable form of payment. The reserves can either be gold or some else specific currency, like dollar or euro.
Another term for foreign currency reserves is foreign-exchange reserves or forex reserves. They can also be used to pay its liabilities if necessary, and they are held either in one or more reserve currencies. COFER is a database that is managed by the International Monetary Fund’s Statistics Department, and it contains data of reporting countries. They identified eight most frequent foreign currencies: U.S. dollar, euro, Chinese renminbi, Japanese yen, pound sterling, Australian dollar, Canadian dollar, and Swiss franc. All other currencies are considered to be “other currencies.” COFER data are reported to the IMF on a voluntary and confidential basis in order to safeguard individual country information. However, 146 countries confined their foreign reserves information with COFER.
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While doing our research, we came upon many lists of countries with foreign currency reserves that are not very clear or backed up with a proper source. But then we found out about CEIC – Euromoney Institutional Investor Company. It was founded in 1992 by a team of expert economists and analysts. Now, they provide one of the most expansive and accurate data insights into more than 195 economies in the world. So, our choice was clear! The CEIC offered the most recent data when it comes to the world’s forex reserves in 2017. As the USD mn data is updated monthly, we just wanted to emphasize that we used data for November 2017, as it was the last data we could find for all the countries on the list below. Moreover, so that you have a broader perception of how fast and drastically these things change, we compared for each country its forex reserves for the years 2011 and 2012, derived from the Global Finance’s data which are based on the IMF and World Bank reports. Also, we wrote few lines for each country and compared mentioned data. We made the ranking according to the CEIC source, as the information is the most recent. Forex reserves for each country are expressed in US dollars.
So, you may be wondering if you are going to read about Pakistan’s forex reserves, Saudi Arabian or Japan’s foreign reserves? I will say no, yes and yes, but nothing else. You are not going to read about US either, since the country has $42,567.00 in forex reserves what wasn’t enough for our list. Nevertheless, below are countries with highest foreign currency reserves in the world, and some of them are the definitely of the list of top 25 richest, healthiest, and most advanced countries in the world, as well! If you are interested in the list of countries by gold reserves, check out 25 Countries with Largest Private and Public Gold Reserves.
For now, let’s stick to our topic and check out the results of our research. Simply click on Next and start reading about foreign currency reserves in 25 different countries!
25. Norway
Foreign currency reserves: $64,249.3
In October 2012 IMF noted that this country had $55,310.0 in forex reserves. Now, the situation drastically changed as you can see by yourselves.
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24. Denmark
Foreign currency reserves: $68, 085.7
On the 24th place on our list of countries with highest foreign currency reserves in the world is Denmark. It had some up and downs. The highest data of forex reserves was noted to be USD 109.1 bn in February 2015, and a record lowest is of USD 18.5 bn in January 2002. However, comparing it to the IMF source from 2012, it surprisingly didn’t change much. Then it was $90,144.0.
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23. Philippines
Foreign currency reserves: $70,623.9
According to the IMF, there is a significant drop in Philippines’ foreign currency reserves. In 2012, the country had $85,303.0, comparing to this year in November, when they were measured at $70, 623.9.
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22. Canada
Foreign currency reserves: $76,757.0
Canada’s foreign exchange reserves raised a lot in last few years since they were measured at $76,757.0 in November last year, compared with $68,222.0 in 2012, according to the IMF data.
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21. United Arab Emirates
Foreign currency reserves: $89,643.4
One of the biggest differences between the years 2011 and 2017 in the number of forex reserves has definitely the United Arab Emirates. In 2011 its forex reserves were estimated to be $37,269.0, according to the World Bank, while now it has amazing $89,643.4!
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20. Turkey
Foreign currency reserves: $90,807.0
On the opposite to the previous case, Turkey’s forex reserves have decreased in comparison to the year 2012. Back then, it had $118,389.0 while in November 2017 it has dropped to little over $20, 000.0.
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19. Algeria
Foreign currency reserves: $97,060.1
Algeria has a little difference in the number of foreign currency reserves by comparing the year 2012 and 2017. In 2010, according to the World Bank, the amount was $191, 369.0, while today it decreased significantly.
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18. Malaysia
Foreign currency reserves: $98, 353.2
In comparison to the year 2017, Malaysia’s forex reserves decreased a little. In 2012, it had $148, 550.0 according to the IMF data statistics.
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17. Poland
Foreign currency reserves: $108,159. 2
Poland’s forex reserves have changed just a little bit from the year 2012. According to the IMF, this country had $114,847.0 in forex reserves. So, evidently, the change is very small.
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16. Israel
Foreign currency reserves: $110, 701. 2
Israel is another country with a big contrast between the years 2012 and 2017. According to the IMF, in 2012, Israel had $75, 647.0 in forex reserves while in November 2017, this amount was much higher with $110, 701.2.
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15. Indonesia
Foreign currency reserves: $119, 940.8
On the 15th place on our list of countries with highest foreign currency reserves in the world is Indonesia. In 2012, according to IMF data this country had $112, 781.0.
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14. United Kingdom
Foreign currency reserves: $121, 877.7
Same as the previously mentioned country, the difference between this years 2017 and 2012 is quite low. As the IMF noted, amount of forex reserves in 2012 was $134, 193.0.
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13. The Czech Republic
Foreign currency reserves: $144, 104.8
The Chezh Republic definitely has one of the most amazing differences between the year 2012 and 2017! Do you believe that in the year 2012 this country had only $44,971.0 in forex reserves? Look at the amount now!
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12. Mexico
Foreign currency reserves: $163, 721.7
In 2012, Mexico had $168, 323.0 in forex reserves, according to the IMF data. In the November 2017, that amount evidently decreased and reached $163, 721.7.
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11. Singapore
Foreign currency reserves: $277,388.4
On the 11th place on our list of countries with highest foreign currency reserves in the world is Singapore. The amount of forex reserves in this country didn’t vary much from the year 2012. Back then, the amount was $255, 769.0.
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10. Russia
Foreign currency reserves: $345,835.0
On the 10th place on our list of countries with highest foreign currency reserves in the world is Russia. Its high level of forex reserves was decreased comparing it with the year 2012 when it was $538, 562.0.
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9. Brazil
Foreign currency reserves: $372, 538.3
Brazil probably has the lowest change in the amount of forex reserves between the year 2012 and 2017. In 2012, according to the IMF data, Brazil’s foreign currency reserves was $373, 147.0.
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8. India
Foreign currency reserves: $377,456.0
India is a nice surprise with the rise of its foreign currency reserves in five years! According to the IMF data, in 2012, India had $295, 300.0 in forex reserves. Now, that amount is drastically higher as you can see by yourselves.
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7. South Korea
Foreign currency reserves: $377, 544.5
South Korea’s forex reserves didn’t change much over the years. In 2012, it had $326, 243.0 according to the IMF data.
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6. Hong Kong
Foreign currency reserves: $421,918.0
Over the years Hong Kong’s foreign currency reserves have researched very high level. In 2012, the country had $305, 231.0 in forex reserves, while now Hong Kong is sixth on our list with $421,918.0 in foreign currency reserves.
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5. Taiwan
Foreign currency reserves: $450, 469.0
Taiwan has $450, 469.0 in foreign currency reserves as of November 2017. The lowest amount of forex reserves this country had was $312.0 mn in March 1969.
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4. Saudi Arabia
Foreign currency reserves: $484,601.0
Saudi Arabia is one of the countries with the biggest changes between the year 2011 and 2017 when it comes to foreign reserves. In 2011, according to the World Bank data, its foreign currency reserves were $556, 571.0. In November 2017 they were $484,601.0!
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And now, let’s see the top three countries with highest foreign currency reserves in the world.
3. Switzerland
Foreign currency reserves: $749,749.2
Along with Saudi Arabia, Switzerland also had a big change in the amount of its foreign currency reserves. In the year 2012, as noted by the IMF, its forex reserves were $531, 670.0 which is very high. However, as you can see, today are even higher!
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2. Japan
Foreign currency reserves: $1, 199, 465.0
Could you believe that this amount of forex reserves for the year 2017 that you see is not the highest amount of foreign currency reserves Japan had? In 2012, according to the IMF data, this country had even $1, 304, 118.0 in forex reserves.
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1.China
Foreign currency reserves: $3, 119, 277. 0
Finally, on the top of our list of countries with highest foreign currency reserves in the world is China. This amazing amount of foreign currency reserves was little higher in 2011, according to the World Bank. Back then, China had $3,254,674.0 in forex reserves.
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