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CEOWORLD magazine - Latest - Special Reports - Revealed: Countries With the Largest Forex Reserves, 2024

Special Reports

Revealed: Countries With the Largest Forex Reserves, 2024

Haikou Xiuying Port Container Terminal

A nation’s economic stability relies heavily on its foreign currency reserves. Inadequate reserves can severely hinder a country’s ability to pay for crucial imports and service external debt. Additionally, insufficient reserves can significantly limit a central bank’s capacity to respond to an economic crisis. In March 2024, China had the largest international reserves in the world, totaling $3.62 trillion, while Japan was the only other country with over a trillion US dollars in reserves, holding a total of $1.33 trillion.

Biggest Foreign Reserves: The following countries have the largest foreign currency reserve assets as of March 2024. It is crucial to note that the table lists China’s and Hong Kong’s reserves separately. China holds the most significant foreign currency reserves, over two and a half times more than Japan’s second-largest reserve holder. When China’s and Hong Kong’s reserves are considered together, the total is nearly $4 trillion. The United Kingdom did not make the top 10 list and held $212 billion in foreign reserves as of March 2024.

Countries With the Largest Forex Reserves, 2024

RankCountryMar 2024Feb 2024Jan 2024Dec 2023
1China3,629.693,597.773,591.343,610.01
2Japan1,332.491,323.191,333.861,336.26
3Switzerland883.97866.78868.63875.94
4India649.77628.83623.70626.26
5Russia590.37582.64585.45598.59
6Hong Kong462.58463.50462.13462.46
7Slovakia368.49357.35357.79351.03
8Brazil355.01352.70355.07355.03
9Germany338.09319.38319.04322.95
10Italy259.75245.27245.90249.67
11France258.28244.24245.44246.60
12Thailand223.92222.56221.75224.61
13Mexico219.52219.53222.01214.41
14Israel213.51206.67205.76204.68
15United Kingdom212.33207.29210.10214.07
16Poland208.34192.75193.04195.39
17Czechia149.570145.66148.72
18Indonesia140.39144.04145.05146.38
19Canada117.95116.25116.30118.28
20Malaysia115.38114.48114.85113.48
21Philippines109.76107.70108.99109.77
22Spain104.96102.92103.58103.79
23Denmark96.8596.4695.5697.05
24Norway83.1381.4780.3780.73
25Romania76.9575.1073.3572.91
26Peru73.3073.3972.790
27Colombia63.9163.7964.8964.81
28South Korea62.3361.6661.1862.51
29Sweden62.2661.1161.6561.59
30Chile60.1260.8761.3261.65
31Australia59.0659.4259.0964.55
32Hungary49.8050.2150.3545.75
33Ukraine43.8437.1338.6140.59
34Bulgaria41.7940.4140.9846.50
35Belgium41.7740.3740.4540.99
36Portugal37.3534.8834.8835.33
37Morocco35.8635.6735.5536.33
38Austria32.6530.9931.9732.35
39Argentina27.1326.6927.6423.07
40Guatemala21.1020.7121.2221.31
41Cambodia20.3319.9920.4620.62
42Jordan19.6819.1519.2519.30
43Finland17.3516.9717.0117.18
44Uruguay16.8316.6116.4616.35
45New Zealand16.7619.9518.9216.31
46Angola15.2515.4015.5715.90
47Greece14.3413.9713.8814
48Dominican Republic13.8114.1714.3715.46
49Paraguay10.1110.459.659.90
50Belarus9.689.509.379.16
51Panama7.948.746.036.76
52Mauritius7.277.177.207.30
53Honduras7.137.327.387.54
54Iceland6.585.765.735.82
55Lithuania6.036.036.506.70
56Ecuador5.915.715.615.57
57Nicaragua5.705.615.475.45
58Latvia5.665.565.595.66
59Moldova5.395.395.405.45
60Jamaica5.264.834.824.89
61Sri Lanka4.904.454.434.30
62Georgia4.784.754.865.01
63Luxembourg3.333.313.213.19
64Armenia3.303.383.583.61
65El Salvador2.922.973.253.08
66Namibia2.872.882.962.87
67Estonia2.702.512.872.76
68South Africa2.652.602.522.40
69Cyprus1.971.851.831.85
70Malta1.831.791.791.65
71West Bank and Gaza1.721.711.691.86
72Kosovo1.281.291.301.23
73Singapore0.740.710.690.69

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CEOWORLD magazine - Latest - Special Reports - Revealed: Countries With the Largest Forex Reserves, 2024

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Harris Williams
Associate News Editor at CEOWORLD Magazine, specializing in data-led features with experience in breaking news, investigations, opinion, and analysis. I write data-led features on topics from banking to finance and work with developers and designers to create interactives and infographics.