Ranking · Economy

Foreign exchange reserves by country

Name: Foreign exchange reserves by country
Creator: World Bank World Development Indicators, from IMF International Financial Statistics
License: https://datacatalog.worldbank.org/public-licenses#cc-by

China held $3.43 trillion in foreign exchange reserves (excluding gold) at the end of 2025, about 2.7 times second-place Japan at $1.25 trillion. Switzerland was third with $929.6 billion. Including gold, the United States jumps from 13th to 2nd. The United States holds 8,133 tonnes of gold, worth over $1 trillion at end-2025 market prices.

World Bank World Development Indicators, from IMF International Financial Statistics, October 2026 · 131 countries · Updated October 2026

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Foreign exchange reserves, excluding gold, end of 2025

Under $10bn
$10bn–$50bn
$50bn–$200bn
$200bn–$500bn
Over $500bn
Not in this ranking

Foreign exchange reserves by country: Foreign exchange reserves, excluding gold, end of 2025
#	Country	Reserves	Reserves	Months
1	China	$3.42tn	$3.75tn	11.9
2	Japan	$1.25tn	$1.37tn	14.0
3	Switzerland	$930bn	$1.08tn	13.1
4	Taiwan	$603bn	·	·
5	India	$576bn	$700bn	7.9
6	Saudi Arabia	$460bn	$505bn	15.6
7	Russia	$428bn	$755bn	·
8	South Korea	$422bn	$437bn	6.5
9	Singapore	$405bn	$432bn	4.4
10	Brazil	$334bn	$359bn	8.4
11	United Arab Emirates	$282bn	$292bn	5.2
12	Thailand	$249bn	$282bn	8.1
13	United States	$243bn	$1.39tn	2.8
14	Mexico	$239bn	$256bn	3.7
15	Israel	$230bn	$230bn	14.4
16	Poland	$195bn	$272bn	5.9
17	United Kingdom	$171bn	$214bn	1.4
18	Czechia	$166bn	$176bn	7.6
19	Indonesia	$145bn	$157bn	5.5
20	Canada	$126bn	$126bn	1.6
21	Malaysia	$120bn	$126bn	4.3
22	Denmark	$118bn	$128bn	4.9
23	Germany	$102bn	$572bn	3.1
24	Philippines	$92.3bn	$111bn	7.3
25	Italy	$89.7bn	$434bn	5.7
26	Spain	$89.0bn	$129bn	2.0
27	France	$86.0bn	$428bn	3.4
28	Vietnam	$85.6bn	$85.6bn	2.1
29	Peru	$85.5bn	$90.4bn	10.4
30	Norway	$85.5bn	$85.5bn	4.4
31	Libya	$84.1bn	$105bn	·
32	Romania	$76.1bn	$90.7bn	5.5
33	Iraq	$73.9bn	$98.5bn	11.6
34	Turkey	$71.6bn	$186bn	5.1
35	Colombia	$65.2bn	$65.8bn	7.3
36	Australia	$62.1bn	$72.6bn	1.6
37	South Africa	$58.4bn	$76.0bn	6.2
38	Sweden	$56.5bn	$74.2bn	2.2
39	Ukraine	$53.4bn	$57.3bn	5.8
40	Algeria	$52.5bn	$76.8bn	11.6
41	Chile	$49.4bn	$49.5bn	4.2
42	Morocco	$45.4bn	$48.5bn	5.9
43	Hungary	$43.6bn	$59.1bn	3.5
44	Nigeria	$43.0bn	$46.0bn	7.1
45	Bulgaria	$41.1bn	$47.1bn	7.2
46	Kuwait	$40.6bn	$51.7bn	8.4
47	Qatar	$39.7bn	$55.9bn	7.5
48	Argentina	$32.3bn	$41.0bn	4.0
49	Netherlands	$32.0bn	$118bn	1.0
50	Guatemala	$30.9bn	$32.8bn	9.3
51	Egypt	$30.7bn	$48.9bn	4.4
52	New Zealand	$28.1bn	$28.1bn	3.9
53	Serbia	$26.8bn	$34.1bn	6.2
54	Bangladesh	$26.6bn	$28.6bn	3.9
55	Belgium	$24.5bn	$56.4bn	1.0
56	Nepal	$20.0bn	$21.1bn	15.5
57	Cambodia	$19.9bn	$27.5bn	7.9
58	Uruguay	$19.0bn	$19.0bn	8.6
59	Kazakhstan	$18.2bn	$66.1bn	7.4
60	Pakistan	$17.4bn	$26.5bn	3.8
61	Costa Rica	$17.1bn	$17.1bn	4.7
62	Jordan	$16.3bn	$26.6bn	·
63	Finland	$16.3bn	$22.5bn	1.6
64	Portugal	$15.1bn	$68.8bn	4.7
65	Dominican Republic	$14.7bn	$14.8bn	4.0
66	Austria	$14.1bn	$53.4bn	1.8
67	Slovakia	$13.7bn	$18.2bn	1.5
68	Azerbaijan	$13.6bn	$13.6bn	5.0
69	Angola	$13.5bn	$13.5bn	5.3
70	Kenya	$12.4bn	$12.4bn	4.6
71	Ireland	$12.0bn	$13.7bn	0.1
72	Uzbekistan	$11.2bn	$66.0bn	13.6
73	Honduras	$10.1bn	$10.2bn	5.3
74	Ghana	$9.5bn	$12.1bn	3.8
75	Mauritius	$8.6bn	$10.3bn	·
76	Nicaragua	$8.3bn	$8.3bn	·
77	Albania	$8.1bn	$8.6bn	7.2
78	Greece	$7.9bn	$24.1bn	2.0
79	Iceland	$7.5bn	$7.7bn	5.3
80	Belarus	$6.9bn	$14.5bn	3.0
81	Jamaica	$6.3bn	$6.3bn	7.1
82	Lithuania	$6.2bn	$7.1bn	1.2
83	Panama	$6.2bn	$6.2bn	1.7
84	Ecuador	$6.1bn	$9.8bn	2.8
85	Moldova	$6.0bn	$6.0bn	5.4
86	Mongolia	$5.9bn	$7.0bn	4.2
87	Latvia	$5.2bn	$6.1bn	2.0
88	Georgia	$5.2bn	$6.2bn	3.0
89	Trinidad and Tobago	$5.1bn	$5.4bn	5.5
90	Armenia	$5.1bn	$5.1bn	3.3
91	Brunei	$4.8bn	$5.5bn	7.9
92	North Macedonia	$4.8bn	$5.8bn	4.6
93	Bahrain	$4.6bn	$5.3bn	1.4
94	El Salvador	$4.6bn	$4.8bn	2.4
95	Tajikistan	$4.3bn	$4.3bn	5.7
96	Croatia	$4.2bn	$4.2bn	0.8
97	Laos	$3.7bn	$3.7bn	3.4
98	Haiti	$3.1bn	$3.4bn	·
99	Namibia	$3.1bn	$3.1bn	·
100	Slovenia	$3.0bn	$3.5bn	0.7
101	Bahamas	$2.8bn	$2.8bn	·
102	Luxembourg	$2.7bn	$3.1bn	0.1
103	Estonia	$2.4bn	$2.4bn	0.7
104	Montenegro	$2.2bn	$2.2bn	3.9
105	Kyrgyzstan	$2.2bn	$8.6bn	·
106	Rwanda	$2.0bn	$2.0bn	·
107	Palestine	$1.8bn	$1.8bn	2.3
108	Fiji	$1.7bn	$1.7bn	·
109	Kosovo	$1.5bn	$1.5bn	1.8
110	Malta	$1.5bn	$1.5bn	·
111	Suriname	$1.4bn	$1.6bn	3.3
112	Guyana	$1.4bn	$1.4bn	·
113	Cape Verde	$1.3bn	$1.3bn	8.7
114	Bhutan	$1.2bn	$1.2bn	·
115	Cyprus	$1000m	$2.9bn	0.5
116	Maldives	$985m	$985m	1.9
117	San Marino	$861m	$861m	·
118	Timor-Leste	$806m	$806m	5.8
119	Djibouti	$656m	$656m	·
120	Samoa	$593m	$598m	12.4
121	Bolivia	$580m	$580m	0.5
122	Belize	$559m	$559m	3.5
123	Saint Lucia	$447m	$447m	3.0
124	Tonga	$413m	$413m	11.0
125	Grenada	$408m	$408m	4.4
126	Comoros	$407m	$409m	·
127	Antigua and Barbuda	$379m	$379m	3.0
128	Liberia	$339m	$339m	·
129	Saint Kitts and Nevis	$282m	$282m	4.4
130	Saint Vincent and the Grenadines	$281m	$281m	4.7
131	Dominica	$165m	$165m	3.9

Foreign exchange reserves by country: Total reserves including gold at market prices, end of 2025
#	Country	Reserves	Reserves	Months
1	China	$3.75tn	$3.42tn	11.9
2	United States	$1.39tn	$243bn	2.8
3	Japan	$1.37tn	$1.25tn	14.0
4	Switzerland	$1.08tn	$930bn	13.1
5	Russia	$755bn	$428bn	·
6	India	$700bn	$576bn	7.9
7	Germany	$572bn	$102bn	3.1
8	Saudi Arabia	$505bn	$460bn	15.6
9	South Korea	$437bn	$422bn	6.5
10	Italy	$434bn	$89.7bn	5.7
11	Singapore	$432bn	$405bn	4.4
12	France	$428bn	$86.0bn	3.4
13	Brazil	$359bn	$334bn	8.4
14	United Arab Emirates	$292bn	$282bn	5.2
15	Thailand	$282bn	$249bn	8.1
16	Poland	$272bn	$195bn	5.9
17	Mexico	$256bn	$239bn	3.7
18	Israel	$230bn	$230bn	14.4
19	United Kingdom	$214bn	$171bn	1.4
20	Turkey	$186bn	$71.6bn	5.1
21	Czechia	$176bn	$166bn	7.6
22	Indonesia	$157bn	$145bn	5.5
23	Spain	$129bn	$89.0bn	2.0
24	Denmark	$128bn	$118bn	4.9
25	Canada	$126bn	$126bn	1.6
26	Malaysia	$126bn	$120bn	4.3
27	Netherlands	$118bn	$32.0bn	1.0
28	Philippines	$111bn	$92.3bn	7.3
29	Libya	$105bn	$84.1bn	·
30	Iraq	$98.5bn	$73.9bn	11.6
31	Romania	$90.7bn	$76.1bn	5.5
32	Peru	$90.4bn	$85.5bn	10.4
33	Vietnam	$85.6bn	$85.6bn	2.1
34	Norway	$85.5bn	$85.5bn	4.4
35	Algeria	$76.8bn	$52.5bn	11.6
36	South Africa	$76.0bn	$58.4bn	6.2
37	Sweden	$74.2bn	$56.5bn	2.2
38	Australia	$72.6bn	$62.1bn	1.6
39	Portugal	$68.8bn	$15.1bn	4.7
40	Kazakhstan	$66.1bn	$18.2bn	7.4
41	Uzbekistan	$66.0bn	$11.2bn	13.6
42	Colombia	$65.8bn	$65.2bn	7.3
43	Hungary	$59.1bn	$43.6bn	3.5
44	Ukraine	$57.3bn	$53.4bn	5.8
45	Belgium	$56.4bn	$24.5bn	1.0
46	Qatar	$55.9bn	$39.7bn	7.5
47	Austria	$53.4bn	$14.1bn	1.8
48	Kuwait	$51.7bn	$40.6bn	8.4
49	Chile	$49.5bn	$49.4bn	4.2
50	Egypt	$48.9bn	$30.7bn	4.4
51	Morocco	$48.5bn	$45.4bn	5.9
52	Bulgaria	$47.1bn	$41.1bn	7.2
53	Nigeria	$46.0bn	$43.0bn	7.1
54	Argentina	$41.0bn	$32.3bn	4.0
55	Serbia	$34.1bn	$26.8bn	6.2
56	Guatemala	$32.8bn	$30.9bn	9.3
57	Bangladesh	$28.6bn	$26.6bn	3.9
58	New Zealand	$28.1bn	$28.1bn	3.9
59	Cambodia	$27.5bn	$19.9bn	7.9
60	Jordan	$26.6bn	$16.3bn	·
61	Pakistan	$26.5bn	$17.4bn	3.8
62	Greece	$24.1bn	$7.9bn	2.0
63	Finland	$22.5bn	$16.3bn	1.6
64	Nepal	$21.1bn	$20.0bn	15.5
65	Uruguay	$19.0bn	$19.0bn	8.6
66	Slovakia	$18.2bn	$13.7bn	1.5
67	Costa Rica	$17.1bn	$17.1bn	4.7
68	Dominican Republic	$14.8bn	$14.7bn	4.0
69	Belarus	$14.5bn	$6.9bn	3.0
70	Ireland	$13.7bn	$12.0bn	0.1
71	Azerbaijan	$13.6bn	$13.6bn	5.0
72	Angola	$13.5bn	$13.5bn	5.3
73	Kenya	$12.4bn	$12.4bn	4.6
74	Ghana	$12.1bn	$9.5bn	3.8
75	Mauritius	$10.3bn	$8.6bn	·
76	Honduras	$10.2bn	$10.1bn	5.3
77	Ecuador	$9.8bn	$6.1bn	2.8
78	Kyrgyzstan	$8.6bn	$2.2bn	·
79	Albania	$8.6bn	$8.1bn	7.2
80	Nicaragua	$8.3bn	$8.3bn	·
81	Iceland	$7.7bn	$7.5bn	5.3
82	Lithuania	$7.1bn	$6.2bn	1.2
83	Mongolia	$7.0bn	$5.9bn	4.2
84	Jamaica	$6.3bn	$6.3bn	7.1
85	Panama	$6.2bn	$6.2bn	1.7
86	Georgia	$6.2bn	$5.2bn	3.0
87	Latvia	$6.1bn	$5.2bn	2.0
88	Moldova	$6.0bn	$6.0bn	5.4
89	North Macedonia	$5.8bn	$4.8bn	4.6
90	Brunei	$5.5bn	$4.8bn	7.9
91	Trinidad and Tobago	$5.4bn	$5.1bn	5.5
92	Bahrain	$5.3bn	$4.6bn	1.4
93	Armenia	$5.1bn	$5.1bn	3.3
94	El Salvador	$4.8bn	$4.6bn	2.4
95	Tajikistan	$4.3bn	$4.3bn	5.7
96	Croatia	$4.2bn	$4.2bn	0.8
97	Laos	$3.7bn	$3.7bn	3.4
98	Slovenia	$3.5bn	$3.0bn	0.7
99	Haiti	$3.4bn	$3.1bn	·
100	Namibia	$3.1bn	$3.1bn	·
101	Luxembourg	$3.1bn	$2.7bn	0.1
102	Cyprus	$2.9bn	$1000m	0.5
103	Bahamas	$2.8bn	$2.8bn	·
104	Estonia	$2.4bn	$2.4bn	0.7
105	Montenegro	$2.2bn	$2.2bn	3.9
106	Rwanda	$2.0bn	$2.0bn	·
107	Palestine	$1.8bn	$1.8bn	2.3
108	Fiji	$1.7bn	$1.7bn	·
109	Suriname	$1.6bn	$1.4bn	3.3
110	Malta	$1.5bn	$1.5bn	·
111	Kosovo	$1.5bn	$1.5bn	1.8
112	Guyana	$1.4bn	$1.4bn	·
113	Cape Verde	$1.3bn	$1.3bn	8.7
114	Bhutan	$1.2bn	$1.2bn	·
115	Maldives	$985m	$985m	1.9
116	San Marino	$861m	$861m	·
117	Timor-Leste	$806m	$806m	5.8
118	Djibouti	$656m	$656m	·
119	Samoa	$598m	$593m	12.4
120	Bolivia	$580m	$580m	0.5
121	Belize	$559m	$559m	3.5
122	Saint Lucia	$447m	$447m	3.0
123	Tonga	$413m	$413m	11.0
124	Comoros	$409m	$407m	·
125	Grenada	$408m	$408m	4.4
126	Antigua and Barbuda	$379m	$379m	3.0
127	Liberia	$339m	$339m	·
128	Saint Kitts and Nevis	$282m	$282m	4.4
129	Saint Vincent and the Grenadines	$281m	$281m	4.7
130	Dominica	$165m	$165m	3.9

Foreign exchange reserves by country: Total reserves in months of imports, 2025
#	Country	Months	Reserves	Reserves
1	Saudi Arabia	15.6	$460bn	$505bn
2	Nepal	15.5	$20.0bn	$21.1bn
3	Israel	14.4	$230bn	$230bn
4	Japan	14.0	$1.25tn	$1.37tn
5	Uzbekistan	13.6	$11.2bn	$66.0bn
6	Switzerland	13.1	$930bn	$1.08tn
7	Samoa	12.4	$593m	$598m
8	China	11.9	$3.42tn	$3.75tn
9	Iraq	11.6	$73.9bn	$98.5bn
10	Algeria	11.6	$52.5bn	$76.8bn
11	Tonga	11.0	$413m	$413m
12	Peru	10.4	$85.5bn	$90.4bn
13	Guatemala	9.3	$30.9bn	$32.8bn
14	Cape Verde	8.7	$1.3bn	$1.3bn
15	Uruguay	8.6	$19.0bn	$19.0bn
16	Brazil	8.4	$334bn	$359bn
17	Kuwait	8.4	$40.6bn	$51.7bn
18	Thailand	8.1	$249bn	$282bn
19	India	7.9	$576bn	$700bn
20	Cambodia	7.9	$19.9bn	$27.5bn
21	Brunei	7.9	$4.8bn	$5.5bn
22	Czechia	7.6	$166bn	$176bn
23	Qatar	7.5	$39.7bn	$55.9bn
24	Kazakhstan	7.4	$18.2bn	$66.1bn
25	Philippines	7.3	$92.3bn	$111bn
26	Colombia	7.3	$65.2bn	$65.8bn
27	Bulgaria	7.2	$41.1bn	$47.1bn
28	Albania	7.2	$8.1bn	$8.6bn
29	Nigeria	7.1	$43.0bn	$46.0bn
30	Jamaica	7.1	$6.3bn	$6.3bn
31	South Korea	6.5	$422bn	$437bn
32	South Africa	6.2	$58.4bn	$76.0bn
33	Serbia	6.2	$26.8bn	$34.1bn
34	Poland	5.9	$195bn	$272bn
35	Morocco	5.9	$45.4bn	$48.5bn
36	Ukraine	5.8	$53.4bn	$57.3bn
37	Timor-Leste	5.8	$806m	$806m
38	Italy	5.7	$89.7bn	$434bn
39	Tajikistan	5.7	$4.3bn	$4.3bn
40	Indonesia	5.5	$145bn	$157bn
41	Romania	5.5	$76.1bn	$90.7bn
42	Trinidad and Tobago	5.5	$5.1bn	$5.4bn
43	Moldova	5.4	$6.0bn	$6.0bn
44	Angola	5.3	$13.5bn	$13.5bn
45	Honduras	5.3	$10.1bn	$10.2bn
46	Iceland	5.3	$7.5bn	$7.7bn
47	United Arab Emirates	5.2	$282bn	$292bn
48	Turkey	5.1	$71.6bn	$186bn
49	Azerbaijan	5.0	$13.6bn	$13.6bn
50	Denmark	4.9	$118bn	$128bn
51	Costa Rica	4.7	$17.1bn	$17.1bn
52	Portugal	4.7	$15.1bn	$68.8bn
53	Saint Vincent and the Grenadines	4.7	$281m	$281m
54	Kenya	4.6	$12.4bn	$12.4bn
55	North Macedonia	4.6	$4.8bn	$5.8bn
56	Singapore	4.4	$405bn	$432bn
57	Norway	4.4	$85.5bn	$85.5bn
58	Egypt	4.4	$30.7bn	$48.9bn
59	Grenada	4.4	$408m	$408m
60	Saint Kitts and Nevis	4.4	$282m	$282m
61	Malaysia	4.3	$120bn	$126bn
62	Chile	4.2	$49.4bn	$49.5bn
63	Mongolia	4.2	$5.9bn	$7.0bn
64	Argentina	4.0	$32.3bn	$41.0bn
65	Dominican Republic	4.0	$14.7bn	$14.8bn
66	New Zealand	3.9	$28.1bn	$28.1bn
67	Bangladesh	3.9	$26.6bn	$28.6bn
68	Montenegro	3.9	$2.2bn	$2.2bn
69	Dominica	3.9	$165m	$165m
70	Pakistan	3.8	$17.4bn	$26.5bn
71	Ghana	3.8	$9.5bn	$12.1bn
72	Mexico	3.7	$239bn	$256bn
73	Hungary	3.5	$43.6bn	$59.1bn
74	Belize	3.5	$559m	$559m
75	France	3.4	$86.0bn	$428bn
76	Laos	3.4	$3.7bn	$3.7bn
77	Armenia	3.3	$5.1bn	$5.1bn
78	Suriname	3.3	$1.4bn	$1.6bn
79	Germany	3.1	$102bn	$572bn
80	Belarus	3.0	$6.9bn	$14.5bn
81	Georgia	3.0	$5.2bn	$6.2bn
82	Saint Lucia	3.0	$447m	$447m
83	Antigua and Barbuda	3.0	$379m	$379m
84	United States	2.8	$243bn	$1.39tn
85	Ecuador	2.8	$6.1bn	$9.8bn
86	El Salvador	2.4	$4.6bn	$4.8bn
87	Palestine	2.3	$1.8bn	$1.8bn
88	Sweden	2.2	$56.5bn	$74.2bn
89	Vietnam	2.1	$85.6bn	$85.6bn
90	Spain	2.0	$89.0bn	$129bn
91	Greece	2.0	$7.9bn	$24.1bn
92	Latvia	2.0	$5.2bn	$6.1bn
93	Maldives	1.9	$985m	$985m
94	Austria	1.8	$14.1bn	$53.4bn
95	Kosovo	1.8	$1.5bn	$1.5bn
96	Panama	1.7	$6.2bn	$6.2bn
97	Canada	1.6	$126bn	$126bn
98	Australia	1.6	$62.1bn	$72.6bn
99	Finland	1.6	$16.3bn	$22.5bn
100	Slovakia	1.5	$13.7bn	$18.2bn
101	United Kingdom	1.4	$171bn	$214bn
102	Bahrain	1.4	$4.6bn	$5.3bn
103	Lithuania	1.2	$6.2bn	$7.1bn
104	Netherlands	1.0	$32.0bn	$118bn
105	Belgium	1.0	$24.5bn	$56.4bn
106	Croatia	0.8	$4.2bn	$4.2bn
107	Slovenia	0.7	$3.0bn	$3.5bn
108	Estonia	0.7	$2.4bn	$2.4bn
109	Cyprus	0.5	$1000m	$2.9bn
110	Bolivia	0.5	$580m	$580m
111	Ireland	0.1	$12.0bn	$13.7bn
112	Luxembourg	0.1	$2.7bn	$3.1bn

Why they rank where they do

China

China ran a record $1.189 trillion goods trade surplus in 2025. Gold was only about 9% of China's official reserves at the end of 2025, against a 27% average for central banks worldwide.
Japan

Japan spent a record ¥15.4 trillion (about $96 billion) buying yen in July and August 2026, after the yen fell to its weakest since 1986. Japan's reserves were $1.178 trillion at the end of September 2026.
Switzerland

The Swiss National Bank's reserves come from buying foreign currency to hold down the franc. The SNB bought a net CHF 5.2 billion of foreign currency in 2025. The SNB also holds 1,040 tonnes of gold.
Taiwan

At end-September 2026, foreign investors held $1.93 trillion in Taiwanese securities and NT dollar deposits, equal to 321% of Taiwan's reserves. Taiwan's central bank intervenes to smooth volatile capital flows.
India

The Reserve Bank of India opened a special dollar swap facility in June 2026 that brought in $72.85 billion by August 21. India's reserves hit a record $740.8 billion in the week to August 28, 2026.
Saudi Arabia

Saudi Arabia's reserves are almost entirely foreign currency. At the end of August 2026 Saudi Arabia held $487.31 billion in reserve assets, of which only $433 million was gold.
Russia

The EU has kept about €210 billion of Russia's central bank assets frozen since February 2022. Russia still counts them in its reserves. Gold was 41.2% of Russia's reserves on October 1, 2026.
United States

Most of the $243.3 billion in US non-gold reserves are IMF assets such as SDRs. The US Treasury values the 8,133 tonnes of US gold at $42.2222 an ounce, so official US figures show only about $253 billion.
Israel

Israel's reserves were equal to 39.4% of GDP at the end of 2025. The Bank of Israel bought about $1.8 billion in May and June 2026, its first currency intervention in years.
Poland

Poland was the largest official buyer of gold in 2025, at about 100 tonnes. The National Bank of Poland held 632 tonnes at the end of June 2026 and has a 700-tonne target.
Iraq

Iraq's foreign currency reserves fell from about $106 billion before the Iran war to about $80 billion by late August 2026, as oil exports at one point fell 90%. Iraq devalued the dinar on October 7, 2026.
Nepal

Nepal received a record $16.19 billion in remittances in fiscal year 2025/26 (to mid-July 2026), up 28.1% in dollar terms. Nepal's reserves rose 29.8% to $25.31 billion over the same year.
Uzbekistan

Gold made up 90.2% of Uzbekistan's reserves on October 1, 2026. The reserves peaked at a record $77.08 billion on March 1, 2026 and fell to $66.59 billion by October 1 as the gold price dropped.

Which country has the largest foreign exchange reserves?

China, by a wide margin. China's reserves excluding gold were $3.43 trillion at the end of 2025, about 2.7 times Japan's $1.25 trillion. China's record goods trade surplus of $1.189 trillion in 2025 brings in foreign currency. If Hong Kong were counted separately, Hong Kong's $427.9 billion would rank 8th, between Russia and South Korea. By China's own measure, which leaves out gold, SDRs and the IMF position, China's reserves were $3.40 trillion at the end of September 2026, up from $3.36 trillion at the end of 2025.

China$3.42tn
Japan$1.25tn
Switzerland$930bn
Taiwan$603bn
India$576bn
Saudi Arabia$460bn
Russia$428bn
South Korea$422bn
Singapore$405bn
Brazil$334bn

How does gold change the reserve rankings?

Gold rose 65% in 2025 and ended the year just under $4,310 an ounce. The United States holds 8,133 tonnes of gold, so the United States moves from 13th to 2nd when gold is counted. Germany is 7th with gold, and Italy, which holds most of its reserves in gold, is 10th. Neither is in the top 20 without gold. The European Central Bank says gold reached 27% of all official reserves at the end of 2025, more than the euro (15%) or US Treasuries (22%). The main reason was the rise in the gold price.

Excluding goldIncluding gold

China$3.42tn
Japan$1.25tn
Switzerland$930bn
Taiwan$603bn
India$576bn
Saudi Arabia$460bn
Russia$428bn
South Korea$422bn
Singapore$405bn
Brazil$334bn

China$3.75tn
United States$1.39tn
Japan$1.37tn
Switzerland$1.08tn
Russia$755bn
India$700bn
Germany$572bn
Saudi Arabia$505bn
South Korea$437bn
Italy$434bn

Moves up the ranking

Which countries have enough reserves to cover their imports?

Saudi Arabia leads at 15.6 months of imports, followed by Nepal at 15.5 and Israel at 14.4. China (11.9 months) and Japan (14.0) are also well covered. The traditional rule of thumb is three months of imports, but the IMF says such simple rules have limited relevance today. Nepal's central bank puts Nepal's cover at 19.6 months, using its own fiscal year and import figures. Iraq's 11.6 months is out of date. Iraq's reserves fell from about $106 billion to about $80 billion after the Iran war began in late February 2026 and cut Iraq's oil exports.

Saudi Arabia15.6
Nepal15.5
Israel14.4
Japan14.0
Uzbekistan13.6
Switzerland13.1
Samoa12.4
China11.9
Iraq11.6
Algeria11.6

What currencies are foreign exchange reserves held in?

In the second quarter of 2026, the dollar made up 56.70% of world foreign exchange reserves of $13.22 trillion, according to the IMF's COFER data. The euro was second at 20.60%, then the yen at 4.96% and the renminbi at 2.11%. Gold is not part of these figures. Central banks bought about 850 tonnes of gold in 2025, down from over 1,000 tonnes a year in 2022 to 2024. Poland was the largest buyer in 2025, with about 100 tonnes. For some countries gold is most of the reserves: it was 90.2% of Uzbekistan's reserves on October 1, 2026.

China$3.75tn
United States$1.39tn
Japan$1.37tn
Switzerland$1.08tn
Russia$755bn
India$700bn
Germany$572bn
Saudi Arabia$505bn
South Korea$437bn
Italy$434bn

About the data

These figures come from the World Bank's World Development Indicators, which take them from the IMF's International Financial Statistics (October 2026). They show end-2025 reserves three ways: foreign currency, SDRs and the IMF reserve position, excluding gold; the same plus gold at market prices; and total reserves in months of imports. Russia and Taiwan were added by hand from their central banks. The World Bank has no figure for Taiwan and none for Russia since 2024. Taiwan is left out of the with-gold tab. Russia's total still counts the assets frozen in the West. Hong Kong and Macao are excluded. The European Central Bank's own reserves are not counted for any euro area country.

Source: World Bank World Development Indicators, from IMF International Financial Statistics

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Gold reservesIMF 2026 1

United States8,134 t 2

Germany3,349 t 3

Italy2,452 t Who owns US debtUS Treasury 2026 1

Japan$1.10tn 2

United Kingdom$998bn 3

China$618bn National debtIMF 2025 1

Venezuela308.7% 2

Japan206.5% 3

Sudan187.6%

Why they rank where they do

Which country has the largest foreign exchange reserves?

How does gold change the reserve rankings?

Which countries have enough reserves to cover their imports?

What currencies are foreign exchange reserves held in?

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