It increased its gold reserves—considered a secure asset not subject to the same sanctions as currencies—and diversified into non-Western currencies, particularly the Chinese yuan. This shift aligned with Russia’s broader move to strengthen economic ties with countries in Asia, Africa, and the Middle East, many of which are more open to using alternative currencies in trade. By 2024, Russia’s reserves were estimated between $570 billion and $600 billion, with a significant share in gold, yuan, and other non-traditional assets. The composition of these reserves continues to fluctuate due to changes in exchange rates and asset valuations.

Ivory Coast: $7.58 Billion Fueled by Agricultural Exports

• The country rapidly built up these reserves after World War II during its “economic miracle”.
• The change in the fiscal policy of the country may also affect the foreign exchange reserves.
• For example, if the currency of a country is weakening quickly, the central bank or monetary authority can sell off extra reserves and buy the domestic currency to increase its demand.
• This includes $570,595.00 million in forex reserves and $28,224.67 million in gold reserves.

Global gold prices continue to surge, with gold rates crossing $3,400 on Monday as the dollar weakened and US President Donald Trump unveiled plans to overhaul the Federal Reserve. India generally follows international prices, and for the first time, its prices glittered above the Rs 1 lakh level per 10 gm. Seventh place goes to Angola, which holds about $13.9 billion in reserves.

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Japan possesses the second-highest level of foreign-exchange reserves, totaling around $1.3 trillion as of August 2023. While dwarfed by China’s stash, this still represents a sizable war chest that underpins the yen’s status as a major global currency. The Chinese government has leveraged these reserves strategically to support the yuan and further the country’s emergence as a global financial hub. China’s towering reserves also reassure investors and trading partners, signaling economic resilience even amid recent slowing growth. Ranking third is Switzerland, with $809.2 billion USD held in foreign exchange reserves in Q ($809,213,980,000).

Larger reserves provide governments with greater flexibility to manage crises without triggering market panic. It is one of the most developed and leading financial and trading centers of the world after London Singapore and New York. Hong Kong’s For ex-reserves have gone down from 328 to 324 but still manages to get a place in the top ten.

South Africa

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Switzerland – 1,040.0 t

Inadequate reserves can also limit a central bank’s available responses to an economic crisis. After peaking at $13 trillion in 2021, global reserves have seen a slight decline, reflecting a period of economic turbulence, shifting trade balances, and adjustments in central bank strategies. In a notable mention, Poland, the largest gold buyer in 2024, added 89.54 tonnes to its gold reserves, leading it to rise and rank 10th globally. Although it still faces pressure from debt obligations and high import top 10 foreign reserve country bills, the central bank’s reserves remain a core pillar of its strategy to maintain financial stability and reassure investors. India’s official holdings have surged from ~500 t a decade ago to ~876.2 t, about 9% of its reserves.

Currency composition of forex reserves

These hoards date back to the Bretton Woods era, when foreign governments held dollars convertible to U.S. gold. Even after “closing the gold window” in 1971, the U.S. kept its bullion. About 71.3% of U.S. reserves are in gold—among the highest gold as share of forex reserves globally—showcasing gold’s enduring status. Most U.S. gold is secured at Fort Knox, West Point, and the New York Fed vault. Ivory Coast, the world’s top cocoa producer, holds foreign reserves and gold assets valued at about $7.58 billion. The country’s rapid economic growth in West Africa is driven by strong exports of cocoa, cashew nuts, and petroleum products, alongside increased infrastructure and service sector investments.

Kenya completes the top ten with reserves strengthened by recent developments in mining, including a significant gold discovery at the Isulu-Bushiangala project in Kakamega County. Although external debt remains a concern, the Central Bank’s reserves provide vital capacity to manage currency fluctuations and external shocks. Nigeria, Africa’s most populous country and a major oil producer, holds around $41.3 billion in reserves. The nation experienced a notable GDP growth rate of 4.23% in Q2 2025, marking its strongest expansion outside the post-pandemic recovery period in a decade. Nigeria’s reserves are essential not only for its own economic stability but also for the broader West African region. In the human development index, it stands at number 12 which clearly indicates its rapid development.

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Monetary gold is not covered in COFER but included in reserved assets, a broader scope than that of COFER. China leads the global list with an overwhelming total of $3,469,776.82 million in foreign exchange reserves, including $3,308,705.00 million in forex reserves and $161,071.82 million in gold reserves. This substantial reserve underscores China’s dominant economic position and its robust export-driven economy. Forex reserves consist of a mix of foreign currencies (like US dollars, euros, and yen), gold reserves, and other financial assets.

This serves as a crucial safety net during economic crises or periods of stress in global markets. Germany holds the second-largest gold reserves, totalling 3,350 tonnes. The country rapidly built up these reserves after World War II during its “economic miracle”. This accumulation was a deliberate effort to establish the Deutsche Mark’s credibility. It helped create confidence in the German economy as a strong, stable global power.

• These reserves enable Germany to stabilize its economy and cushion itself against risks that arise from international trade and financial flows within the European Union.
• South Korea completes the top ten list with $420,983.76 million in total reserves, comprising $414,004.46 million in forex and $104.45 million in gold.
• Under President de Gaulle, France famously repatriated gold from the U.S. in the 1960s, challenging the Bretton Woods system.
• The government aims to maintain a competitive exchange rate to support the nation’s vital export industries.
• Seun is a website developer, a financial market analyst, trader and fund manager

China’s central bank is the People’s Bank of China, which holds country’s forex reserves that plays a significant role in stabilising the yuan, building international trade, and economy of the country. Foreign-exchange reserves is 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.

Japan’s foreign exchange reserves are in second place that accounting for almost $1282 billion. Japan has a very robust economy standing at third place in an economic count. The country’s total foreign reserves are at $3726 billion thus topping the list in highest Forex reserves. China is regarded as one of the biggest and fastest economies developing day by day. It has the second-largest of the world’s GDP and very high purchasing capacity.