CINXE.COM

<!DOCTYPE html> <html class="client-nojs vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-sticky-header-enabled vector-toc-available" lang="en" dir="ltr"> <head> <meta charset="UTF-8"> <title>Foreign exchange reserves - Wikipedia</title> <script>(function(){var className="client-js vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-sticky-header-enabled vector-toc-available";var cookie=document.cookie.match(/(?:^|; )enwikimwclientpreferences=([^;]+)/);if(cookie){cookie[1].split('%2C').forEach(function(pref){className=className.replace(new RegExp('(^| )'+pref.replace(/-clientpref-\w+$|[^\w-]+/g,'')+'-clientpref-\\w+( |$)'),'$1'+pref+'$2');});}document.documentElement.className=className;}());RLCONF={"wgBreakFrames":false,"wgSeparatorTransformTable":["",""],"wgDigitTransformTable":["",""],"wgDefaultDateFormat":"dmy", "wgMonthNames":["","January","February","March","April","May","June","July","August","September","October","November","December"],"wgRequestId":"b66a6a58-db7b-4b95-992b-c31ff57f7dde","wgCanonicalNamespace":"","wgCanonicalSpecialPageName":false,"wgNamespaceNumber":0,"wgPageName":"Foreign_exchange_reserves","wgTitle":"Foreign exchange reserves","wgCurRevisionId":1259090243,"wgRevisionId":1259090243,"wgArticleId":1015869,"wgIsArticle":true,"wgIsRedirect":false,"wgAction":"view","wgUserName":null,"wgUserGroups":["*"],"wgCategories":["CS1 maint: archived copy as title","Webarchive template wayback links","Articles with short description","Short description matches Wikidata","Use dmy dates from October 2015","All articles with unsourced statements","Articles with unsourced statements from November 2024","Articles needing additional references from July 2014","All articles needing additional references","Articles needing additional references from March 2016", "Articles with unsourced statements from March 2019","Wikipedia external links cleanup from September 2016","Foreign exchange market","Foreign exchange reserves","International macroeconomics","Macroeconomic indicators","Government finances"],"wgPageViewLanguage":"en","wgPageContentLanguage":"en","wgPageContentModel":"wikitext","wgRelevantPageName":"Foreign_exchange_reserves","wgRelevantArticleId":1015869,"wgIsProbablyEditable":true,"wgRelevantPageIsProbablyEditable":true,"wgRestrictionEdit":[],"wgRestrictionMove":[],"wgNoticeProject":"wikipedia","wgCiteReferencePreviewsActive":false,"wgFlaggedRevsParams":{"tags":{"status":{"levels":1}}},"wgMediaViewerOnClick":true,"wgMediaViewerEnabledByDefault":true,"wgPopupsFlags":0,"wgVisualEditor":{"pageLanguageCode":"en","pageLanguageDir":"ltr","pageVariantFallbacks":"en"},"wgMFDisplayWikibaseDescriptions":{"search":true,"watchlist":true,"tagline":false,"nearby":true},"wgWMESchemaEditAttemptStepOversample":false,"wgWMEPageLength":40000, "wgEditSubmitButtonLabelPublish":true,"wgULSPosition":"interlanguage","wgULSisCompactLinksEnabled":false,"wgVector2022LanguageInHeader":true,"wgULSisLanguageSelectorEmpty":false,"wgWikibaseItemId":"Q317617","wgCheckUserClientHintsHeadersJsApi":["brands","architecture","bitness","fullVersionList","mobile","model","platform","platformVersion"],"GEHomepageSuggestedEditsEnableTopics":true,"wgGETopicsMatchModeEnabled":false,"wgGEStructuredTaskRejectionReasonTextInputEnabled":false,"wgGELevelingUpEnabledForUser":false};RLSTATE={"ext.globalCssJs.user.styles":"ready","site.styles":"ready","user.styles":"ready","ext.globalCssJs.user":"ready","user":"ready","user.options":"loading","ext.cite.styles":"ready","skins.vector.search.codex.styles":"ready","skins.vector.styles":"ready","skins.vector.icons":"ready","jquery.makeCollapsible.styles":"ready","ext.wikimediamessages.styles":"ready","ext.visualEditor.desktopArticleTarget.noscript":"ready","ext.uls.interlanguage":"ready","wikibase.client.init": "ready","ext.wikimediaBadges":"ready"};RLPAGEMODULES=["ext.cite.ux-enhancements","mediawiki.page.media","site","mediawiki.page.ready","jquery.makeCollapsible","mediawiki.toc","skins.vector.js","ext.centralNotice.geoIP","ext.centralNotice.startUp","ext.gadget.ReferenceTooltips","ext.gadget.switcher","ext.urlShortener.toolbar","ext.centralauth.centralautologin","mmv.bootstrap","ext.popups","ext.visualEditor.desktopArticleTarget.init","ext.visualEditor.targetLoader","ext.echo.centralauth","ext.eventLogging","ext.wikimediaEvents","ext.navigationTiming","ext.uls.interface","ext.cx.eventlogging.campaigns","ext.cx.uls.quick.actions","wikibase.client.vector-2022","ext.checkUser.clientHints","ext.growthExperiments.SuggestedEditSession"];</script> <script>(RLQ=window.RLQ||[]).push(function(){mw.loader.impl(function(){return["user.options@12s5i",function($,jQuery,require,module){mw.user.tokens.set({"patrolToken":"+\\","watchToken":"+\\","csrfToken":"+\\"}); }];});});</script> <link rel="stylesheet" href="/w/load.php?lang=en&modules=ext.cite.styles%7Cext.uls.interlanguage%7Cext.visualEditor.desktopArticleTarget.noscript%7Cext.wikimediaBadges%7Cext.wikimediamessages.styles%7Cjquery.makeCollapsible.styles%7Cskins.vector.icons%2Cstyles%7Cskins.vector.search.codex.styles%7Cwikibase.client.init&only=styles&skin=vector-2022"> <script async="" src="/w/load.php?lang=en&modules=startup&only=scripts&raw=1&skin=vector-2022"></script> <meta name="ResourceLoaderDynamicStyles" content=""> <link rel="stylesheet" href="/w/load.php?lang=en&modules=site.styles&only=styles&skin=vector-2022"> <meta name="generator" content="MediaWiki 1.44.0-wmf.16"> <meta name="referrer" content="origin"> <meta name="referrer" content="origin-when-cross-origin"> <meta name="robots" content="max-image-preview:standard"> <meta name="format-detection" content="telephone=no"> <meta name="viewport" content="width=1120"> <meta property="og:title" content="Foreign exchange reserves - Wikipedia"> <meta property="og:type" content="website"> <link rel="preconnect" href="//upload.wikimedia.org"> <link rel="alternate" media="only screen and (max-width: 640px)" href="//en.m.wikipedia.org/wiki/Foreign_exchange_reserves"> <link rel="alternate" type="application/x-wiki" title="Edit this page" href="/w/index.php?title=Foreign_exchange_reserves&action=edit"> <link rel="apple-touch-icon" href="/static/apple-touch/wikipedia.png"> <link rel="icon" href="/static/favicon/wikipedia.ico"> <link rel="search" type="application/opensearchdescription+xml" href="/w/rest.php/v1/search" title="Wikipedia (en)"> <link rel="EditURI" type="application/rsd+xml" href="//en.wikipedia.org/w/api.php?action=rsd"> <link rel="canonical" href="https://en.wikipedia.org/wiki/Foreign_exchange_reserves"> <link rel="license" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en"> <link rel="alternate" type="application/atom+xml" title="Wikipedia Atom feed" href="/w/index.php?title=Special:RecentChanges&feed=atom"> <link rel="dns-prefetch" href="//meta.wikimedia.org" /> <link rel="dns-prefetch" href="login.wikimedia.org"> </head> <body class="skin--responsive skin-vector skin-vector-search-vue mediawiki ltr sitedir-ltr mw-hide-empty-elt ns-0 ns-subject mw-editable page-Foreign_exchange_reserves rootpage-Foreign_exchange_reserves skin-vector-2022 action-view"><a class="mw-jump-link" href="#bodyContent">Jump to content</a> <div class="vector-header-container"> <header class="vector-header mw-header"> <div class="vector-header-start"> <nav class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-dropdown" class="vector-dropdown vector-main-menu-dropdown vector-button-flush-left vector-button-flush-right" title="Main menu" > <input type="checkbox" id="vector-main-menu-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-main-menu-dropdown" class="vector-dropdown-checkbox " aria-label="Main menu" > <label id="vector-main-menu-dropdown-label" for="vector-main-menu-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-menu mw-ui-icon-wikimedia-menu"></span> <span class="vector-dropdown-label-text">Main menu</span> </label> <div class="vector-dropdown-content"> <div id="vector-main-menu-unpinned-container" class="vector-unpinned-container"> <div id="vector-main-menu" class="vector-main-menu vector-pinnable-element"> <div class="vector-pinnable-header vector-main-menu-pinnable-header vector-pinnable-header-unpinned" data-feature-name="main-menu-pinned" data-pinnable-element-id="vector-main-menu" data-pinned-container-id="vector-main-menu-pinned-container" data-unpinned-container-id="vector-main-menu-unpinned-container" > <div class="vector-pinnable-header-label">Main menu</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-main-menu.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-main-menu.unpin">hide</button> </div> <div id="p-navigation" class="vector-menu mw-portlet mw-portlet-navigation" > <div class="vector-menu-heading"> Navigation </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-mainpage-description" class="mw-list-item"><a href="/wiki/Main_Page" title="Visit the main page [z]" accesskey="z"><span>Main page</span></a></li><li id="n-contents" class="mw-list-item"><a href="/wiki/Wikipedia:Contents" title="Guides to browsing Wikipedia"><span>Contents</span></a></li><li id="n-currentevents" class="mw-list-item"><a href="/wiki/Portal:Current_events" title="Articles related to current events"><span>Current events</span></a></li><li id="n-randompage" class="mw-list-item"><a href="/wiki/Special:Random" title="Visit a randomly selected article [x]" accesskey="x"><span>Random article</span></a></li><li id="n-aboutsite" class="mw-list-item"><a href="/wiki/Wikipedia:About" title="Learn about Wikipedia and how it works"><span>About Wikipedia</span></a></li><li id="n-contactpage" class="mw-list-item"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us" title="How to contact Wikipedia"><span>Contact us</span></a></li><li id="n-specialpages" class="mw-list-item"><a href="/wiki/Special:SpecialPages"><span>Special pages</span></a></li> </ul> </div> </div> <div id="p-interaction" class="vector-menu mw-portlet mw-portlet-interaction" > <div class="vector-menu-heading"> Contribute </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-help" class="mw-list-item"><a href="/wiki/Help:Contents" title="Guidance on how to use and edit Wikipedia"><span>Help</span></a></li><li id="n-introduction" class="mw-list-item"><a href="/wiki/Help:Introduction" title="Learn how to edit Wikipedia"><span>Learn to edit</span></a></li><li id="n-portal" class="mw-list-item"><a href="/wiki/Wikipedia:Community_portal" title="The hub for editors"><span>Community portal</span></a></li><li id="n-recentchanges" class="mw-list-item"><a href="/wiki/Special:RecentChanges" title="A list of recent changes to Wikipedia [r]" accesskey="r"><span>Recent changes</span></a></li><li id="n-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_upload_wizard" title="Add images or other media for use on Wikipedia"><span>Upload file</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> <a href="/wiki/Main_Page" class="mw-logo"> <img class="mw-logo-icon" src="/static/images/icons/wikipedia.png" alt="" aria-hidden="true" height="50" width="50"> <span class="mw-logo-container skin-invert"> <img class="mw-logo-wordmark" alt="Wikipedia" src="/static/images/mobile/copyright/wikipedia-wordmark-en.svg" style="width: 7.5em; height: 1.125em;"> <img class="mw-logo-tagline" alt="The Free Encyclopedia" src="/static/images/mobile/copyright/wikipedia-tagline-en.svg" width="117" height="13" style="width: 7.3125em; height: 0.8125em;"> </span> </a> </div> <div class="vector-header-end"> <div id="p-search" role="search" class="vector-search-box-vue vector-search-box-collapses vector-search-box-show-thumbnail vector-search-box-auto-expand-width vector-search-box"> <a href="/wiki/Special:Search" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only search-toggle" title="Search Wikipedia [f]" accesskey="f"><span class="vector-icon mw-ui-icon-search mw-ui-icon-wikimedia-search"></span> <span>Search</span> </a> <div class="vector-typeahead-search-container"> <div class="cdx-typeahead-search cdx-typeahead-search--show-thumbnail cdx-typeahead-search--auto-expand-width"> <form action="/w/index.php" id="searchform" class="cdx-search-input cdx-search-input--has-end-button"> <div id="simpleSearch" class="cdx-search-input__input-wrapper" data-search-loc="header-moved"> <div class="cdx-text-input cdx-text-input--has-start-icon"> <input class="cdx-text-input__input" type="search" name="search" placeholder="Search Wikipedia" aria-label="Search Wikipedia" autocapitalize="sentences" title="Search Wikipedia [f]" accesskey="f" id="searchInput" > <span class="cdx-text-input__icon cdx-text-input__start-icon"></span> </div> <input type="hidden" name="title" value="Special:Search"> </div> <button class="cdx-button cdx-search-input__end-button">Search</button> </form> </div> </div> </div> <nav class="vector-user-links vector-user-links-wide" aria-label="Personal tools"> <div class="vector-user-links-main"> <div id="p-vector-user-menu-preferences" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-userpage" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-dropdown" class="vector-dropdown " title="Change the appearance of the page's font size, width, and color" > <input type="checkbox" id="vector-appearance-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-appearance-dropdown" class="vector-dropdown-checkbox " aria-label="Appearance" > <label id="vector-appearance-dropdown-label" for="vector-appearance-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-appearance mw-ui-icon-wikimedia-appearance"></span> <span class="vector-dropdown-label-text">Appearance</span> </label> <div class="vector-dropdown-content"> <div id="vector-appearance-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <div id="p-vector-user-menu-notifications" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-overflow" class="vector-menu mw-portlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="https://donate.wikimedia.org/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en" class=""><span>Donate</span></a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:CreateAccount&returnto=Foreign+exchange+reserves" title="You are encouraged to create an account and log in; however, it is not mandatory" class=""><span>Create account</span></a> </li> <li id="pt-login-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:UserLogin&returnto=Foreign+exchange+reserves" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o" class=""><span>Log in</span></a> </li> </ul> </div> </div> </div> <div id="vector-user-links-dropdown" class="vector-dropdown vector-user-menu vector-button-flush-right vector-user-menu-logged-out" title="Log in and more options" > <input type="checkbox" id="vector-user-links-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-user-links-dropdown" class="vector-dropdown-checkbox " aria-label="Personal tools" > <label id="vector-user-links-dropdown-label" for="vector-user-links-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-ellipsis mw-ui-icon-wikimedia-ellipsis"></span> <span class="vector-dropdown-label-text">Personal tools</span> </label> <div class="vector-dropdown-content"> <div id="p-personal" class="vector-menu mw-portlet mw-portlet-personal user-links-collapsible-item" title="User menu" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport" class="user-links-collapsible-item mw-list-item"><a href="https://donate.wikimedia.org/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en"><span>Donate</span></a></li><li id="pt-createaccount" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:CreateAccount&returnto=Foreign+exchange+reserves" title="You are encouraged to create an account and log in; however, it is not mandatory"><span class="vector-icon mw-ui-icon-userAdd mw-ui-icon-wikimedia-userAdd"></span> <span>Create account</span></a></li><li id="pt-login" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:UserLogin&returnto=Foreign+exchange+reserves" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o"><span class="vector-icon mw-ui-icon-logIn mw-ui-icon-wikimedia-logIn"></span> <span>Log in</span></a></li> </ul> </div> </div> <div id="p-user-menu-anon-editor" class="vector-menu mw-portlet mw-portlet-user-menu-anon-editor" > <div class="vector-menu-heading"> Pages for logged out editors <a href="/wiki/Help:Introduction" aria-label="Learn more about editing"><span>learn more</span></a> </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-anoncontribs" class="mw-list-item"><a href="/wiki/Special:MyContributions" title="A list of edits made from this IP address [y]" accesskey="y"><span>Contributions</span></a></li><li id="pt-anontalk" class="mw-list-item"><a href="/wiki/Special:MyTalk" title="Discussion about edits from this IP address [n]" accesskey="n"><span>Talk</span></a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Contents" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Contents</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-Definition" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Definition"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Definition</span> </div> </a> <ul id="toc-Definition-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Purpose" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Purpose"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Purpose</span> </div> </a> <ul id="toc-Purpose-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Reserve_accumulation" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Reserve_accumulation"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Reserve accumulation</span> </div> </a> <button aria-controls="toc-Reserve_accumulation-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Reserve accumulation subsection</span> </button> <ul id="toc-Reserve_accumulation-sublist" class="vector-toc-list"> <li id="toc-Theories" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Theories"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Theories</span> </div> </a> <ul id="toc-Theories-sublist" class="vector-toc-list"> <li id="toc-Signaling_or_vulnerability_indicator" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Signaling_or_vulnerability_indicator"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.1</span> <span>Signaling or vulnerability indicator</span> </div> </a> <ul id="toc-Signaling_or_vulnerability_indicator-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Precautionary_aspect" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Precautionary_aspect"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.2</span> <span>Precautionary aspect</span> </div> </a> <ul id="toc-Precautionary_aspect-sublist" class="vector-toc-list"> <li id="toc-External_trade" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#External_trade"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.2.1</span> <span>External trade</span> </div> </a> <ul id="toc-External_trade-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Financial_openness" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Financial_openness"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.2.2</span> <span>Financial openness</span> </div> </a> <ul id="toc-Financial_openness-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Exchange_rate_policy" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Exchange_rate_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.3</span> <span>Exchange rate policy</span> </div> </a> <ul id="toc-Exchange_rate_policy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Intergenerational_savings" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Intergenerational_savings"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.4</span> <span>Intergenerational savings</span> </div> </a> <ul id="toc-Intergenerational_savings-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Costs" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Costs"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Costs</span> </div> </a> <ul id="toc-Costs-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>History</span> </div> </a> <button aria-controls="toc-History-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle History subsection</span> </button> <ul id="toc-History-sublist" class="vector-toc-list"> <li id="toc-Origins_and_Gold_Standard_Era" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Origins_and_Gold_Standard_Era"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Origins and Gold Standard Era</span> </div> </a> <ul id="toc-Origins_and_Gold_Standard_Era-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Post_Gold_Standard_Era" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Post_Gold_Standard_Era"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Post Gold Standard Era</span> </div> </a> <ul id="toc-Post_Gold_Standard_Era-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Adequacy_and_excess_reserves" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Adequacy_and_excess_reserves"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Adequacy and excess reserves</span> </div> </a> <ul id="toc-Adequacy_and_excess_reserves-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-List_of_countries_by_foreign-exchange_reserves" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#List_of_countries_by_foreign-exchange_reserves"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>List of countries by foreign-exchange reserves</span> </div> </a> <ul id="toc-List_of_countries_by_foreign-exchange_reserves-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <button aria-controls="toc-External_links-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle External links subsection</span> </button> <ul id="toc-External_links-sublist" class="vector-toc-list"> <li id="toc-Articles" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Articles"> <div class="vector-toc-text"> <span class="vector-toc-numb">9.1</span> <span>Articles</span> </div> </a> <ul id="toc-Articles-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Speeches" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Speeches"> <div class="vector-toc-text"> <span class="vector-toc-numb">9.2</span> <span>Speeches</span> </div> </a> <ul id="toc-Speeches-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Books" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Books"> <div class="vector-toc-text"> <span class="vector-toc-numb">9.3</span> <span>Books</span> </div> </a> <ul id="toc-Books-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Foreign exchange reserves</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 45 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-45" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">45 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-als mw-list-item"><a href="https://als.wikipedia.org/wiki/W%C3%A4hrungsreserven" title="Währungsreserven – Alemannic" lang="gsw" hreflang="gsw" data-title="Währungsreserven" data-language-autonym="Alemannisch" data-language-local-name="Alemannic" class="interlanguage-link-target"><span>Alemannisch</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D8%AD%D8%AA%D9%8A%D8%A7%D8%B7%D9%8A_%D8%A7%D9%84%D9%86%D9%82%D8%AF_%D8%A7%D9%84%D8%A3%D8%AC%D9%86%D8%A8%D9%8A" title="احتياطي النقد الأجنبي – Arabic" lang="ar" hreflang="ar" data-title="احتياطي النقد الأجنبي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Q%C4%B1z%C4%B1l_ehtiyatlar%C4%B1" title="Qızıl ehtiyatları – Azerbaijani" lang="az" hreflang="az" data-title="Qızıl ehtiyatları" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AC%E0%A7%88%E0%A6%A6%E0%A7%87%E0%A6%B6%E0%A6%BF%E0%A6%95_%E0%A6%AE%E0%A7%81%E0%A6%A6%E0%A7%8D%E0%A6%B0%E0%A6%BE%E0%A6%B0_%E0%A6%AE%E0%A6%9C%E0%A7%81%E0%A6%A6" title="বৈদেশিক মুদ্রার মজুদ – Bangla" lang="bn" hreflang="bn" data-title="বৈদেশিক মুদ্রার মজুদ" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-ba mw-list-item"><a href="https://ba.wikipedia.org/wiki/%D0%90%D0%BB%D1%82%D1%8B%D0%BD-%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%B0_%D1%80%D0%B5%D0%B7%D0%B5%D1%80%D0%B2%D1%82%D0%B0%D1%80%D1%8B" title="Алтын-валюта резервтары – Bashkir" lang="ba" hreflang="ba" data-title="Алтын-валюта резервтары" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target"><span>Башҡортса</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%97%D0%BE%D0%BB%D0%B0%D1%82%D0%B0%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%BD%D1%8B%D1%8F_%D1%80%D1%8D%D0%B7%D0%B5%D1%80%D0%B2%D1%8B" title="Золатавалютныя рэзервы – Belarusian" lang="be" hreflang="be" data-title="Золатавалютныя рэзервы" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%97%D0%BE%D0%BB%D0%B0%D1%82%D0%B0%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%BD%D1%8B_%D0%B7%D0%B0%D0%BF%D0%B0%D1%81" title="Золатавалютны запас – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Золатавалютны запас" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Reserves_de_divises" title="Reserves de divises – Catalan" lang="ca" hreflang="ca" data-title="Reserves de divises" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Devizov%C3%A9_rezervy" title="Devizové rezervy – Czech" lang="cs" hreflang="cs" data-title="Devizové rezervy" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Valutareserver" title="Valutareserver – Danish" lang="da" hreflang="da" data-title="Valutareserver" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://de.wikipedia.org/wiki/W%C3%A4hrungsreserve" title="Währungsreserve – German" lang="de" hreflang="de" data-title="Währungsreserve" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Reserva_internacional" title="Reserva internacional – Spanish" lang="es" hreflang="es" data-title="Reserva internacional" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B0%D8%AE%DB%8C%D8%B1%D9%87%E2%80%8C%D9%87%D8%A7%DB%8C_%D8%A7%D8%B1%D8%B2%DB%8C" title="ذخیره‌های ارزی – Persian" lang="fa" hreflang="fa" data-title="ذخیره‌های ارزی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/R%C3%A9serves_de_change" title="Réserves de change – French" lang="fr" hreflang="fr" data-title="Réserves de change" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%99%B8%ED%99%98%EB%B3%B4%EC%9C%A0%EA%B3%A0" title="외환보유고 – Korean" lang="ko" hreflang="ko" data-title="외환보유고" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%88%D5%BD%D5%AF%D5%B8%D6%82_%D5%BF%D5%A1%D6%80%D5%A1%D5%A4%D6%80%D5%A1%D5%B4%D5%A1%D5%B5%D5%AB%D5%B6_%D5%BC%D5%A5%D5%A6%D5%A5%D6%80%D5%BE%D5%B6%D5%A5%D6%80" title="Ոսկու տարադրամային ռեզերվներ – Armenian" lang="hy" hreflang="hy" data-title="Ոսկու տարադրամային ռեզերվներ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi badge-Q70893996 mw-list-item" title=""><a href="https://hi.wikipedia.org/wiki/%E0%A4%B5%E0%A4%BF%E0%A4%A6%E0%A5%87%E0%A4%B6%E0%A5%80_%E0%A4%AE%E0%A5%81%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BE_%E0%A4%86%E0%A4%B0%E0%A4%95%E0%A5%8D%E0%A4%B7%E0%A4%BF%E0%A4%A4_%E0%A4%AD%E0%A4%82%E0%A4%A1%E0%A4%BE%E0%A4%B0" title="विदेशी मुद्रा आरक्षित भंडार – Hindi" lang="hi" hreflang="hi" data-title="विदेशी मुद्रा आरक्षित भंडार" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Cadangan_devisa" title="Cadangan devisa – Indonesian" lang="id" hreflang="id" data-title="Cadangan devisa" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Riserva_valutaria" title="Riserva valutaria – Italian" lang="it" hreflang="it" data-title="Riserva valutaria" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%99%D7%AA%D7%A8%D7%95%D7%AA_%D7%9E%D7%98%22%D7%97" title="יתרות מט"ח – Hebrew" lang="he" hreflang="he" data-title="יתרות מט"ח" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%92%D0%B0%D0%BB%D1%8E%D1%82%D0%B0%D0%BB%D1%8B%D2%9B_%D1%80%D0%B5%D0%B7%D0%B5%D1%80%D0%B2%D1%82%D0%B5%D1%80" title="Валюталық резервтер – Kazakh" lang="kk" hreflang="kk" data-title="Валюталық резервтер" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BA%84%E0%BA%B1%E0%BA%87%E0%BA%AA%E0%BA%B3%E0%BA%AE%E0%BA%AD%E0%BA%87%E0%BB%80%E0%BA%87%E0%BA%B4%E0%BA%99%E0%BA%95%E0%BA%B2%E0%BA%95%E0%BB%88%E0%BA%B2%E0%BA%87%E0%BA%9B%E0%BA%B0%E0%BB%80%E0%BA%97%E0%BA%94" title="ຄັງສຳຮອງເງິນຕາຕ່າງປະເທດ – Lao" lang="lo" hreflang="lo" data-title="ຄັງສຳຮອງເງິນຕາຕ່າງປະເທດ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Oficialiosios_tarptautin%C4%97s_atsargos" title="Oficialiosios tarptautinės atsargos – Lithuanian" lang="lt" hreflang="lt" data-title="Oficialiosios tarptautinės atsargos" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%94%D0%B5%D0%B2%D0%B8%D0%B7%D0%BD%D0%B8_%D1%80%D0%B5%D0%B7%D0%B5%D1%80%D0%B2%D0%B8" title="Девизни резерви – Macedonian" lang="mk" hreflang="mk" data-title="Девизни резерви" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Rizab_pertukaran_asing" title="Rizab pertukaran asing – Malay" lang="ms" hreflang="ms" data-title="Rizab pertukaran asing" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Internationale_reserve" title="Internationale reserve – Dutch" lang="nl" hreflang="nl" data-title="Internationale reserve" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%A4%96%E8%B2%A8%E6%BA%96%E5%82%99" title="外貨準備 – Japanese" lang="ja" hreflang="ja" data-title="外貨準備" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Valutareserve" title="Valutareserve – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Valutareserve" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Valyuta_rezervlari" title="Valyuta rezervlari – Uzbek" lang="uz" hreflang="uz" data-title="Valyuta rezervlari" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Rezerwy_walutowe" title="Rezerwy walutowe – Polish" lang="pl" hreflang="pl" data-title="Rezerwy walutowe" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Reserva_internacional" title="Reserva internacional – Portuguese" lang="pt" hreflang="pt" data-title="Reserva internacional" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Rezerva_interna%C8%9Bional%C4%83" title="Rezerva internațională – Romanian" lang="ro" hreflang="ro" data-title="Rezerva internațională" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%97%D0%BE%D0%BB%D0%BE%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%BD%D1%8B%D0%B5_%D1%80%D0%B5%D0%B7%D0%B5%D1%80%D0%B2%D1%8B" title="Золотовалютные резервы – Russian" lang="ru" hreflang="ru" data-title="Золотовалютные резервы" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Foreign_reserve" title="Foreign reserve – Simple English" lang="en-simple" hreflang="en-simple" data-title="Foreign reserve" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Dev%C3%ADzov%C3%A9_rezervy" title="Devízové rezervy – Slovak" lang="sk" hreflang="sk" data-title="Devízové rezervy" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%94%D0%B5%D0%B2%D0%B8%D0%B7%D0%BD%D0%B5_%D1%80%D0%B5%D0%B7%D0%B5%D1%80%D0%B2%D0%B5" title="Девизне резерве – Serbian" lang="sr" hreflang="sr" data-title="Девизне резерве" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Valuuttavaranto" title="Valuuttavaranto – Finnish" lang="fi" hreflang="fi" data-title="Valuuttavaranto" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Valutareserv" title="Valutareserv – Swedish" lang="sv" hreflang="sv" data-title="Valutareserv" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tt mw-list-item"><a href="https://tt.wikipedia.org/wiki/Alt%C4%B1n-val%C3%BCta_bayl%C4%B1%C4%9F%C4%B1" title="Altın-valüta baylığı – Tatar" lang="tt" hreflang="tt" data-title="Altın-valüta baylığı" data-language-autonym="Татарча / tatarça" data-language-local-name="Tatar" class="interlanguage-link-target"><span>Татарча / tatarça</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%97%E0%B8%B8%E0%B8%99%E0%B8%AA%E0%B8%B3%E0%B8%A3%E0%B8%AD%E0%B8%87%E0%B8%A3%E0%B8%B0%E0%B8%AB%E0%B8%A7%E0%B9%88%E0%B8%B2%E0%B8%87%E0%B8%9B%E0%B8%A3%E0%B8%B0%E0%B9%80%E0%B8%97%E0%B8%A8" title="ทุนสำรองระหว่างประเทศ – Thai" lang="th" hreflang="th" data-title="ทุนสำรองระหว่างประเทศ" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Uluslararas%C4%B1_rezervler" title="Uluslararası rezervler – Turkish" lang="tr" hreflang="tr" data-title="Uluslararası rezervler" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%92%D0%B0%D0%BB%D1%8E%D1%82%D0%BD%D1%96_%D1%80%D0%B5%D0%B7%D0%B5%D1%80%D0%B2%D0%B8" title="Валютні резерви – Ukrainian" lang="uk" hreflang="uk" data-title="Валютні резерви" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/D%E1%BB%B1_tr%E1%BB%AF_ngo%E1%BA%A1i_h%E1%BB%91i_nh%C3%A0_n%C6%B0%E1%BB%9Bc" title="Dự trữ ngoại hối nhà nước – Vietnamese" lang="vi" hreflang="vi" data-title="Dự trữ ngoại hối nhà nước" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E5%A4%96%E5%8C%AF%E5%84%B2%E5%82%99" title="外匯儲備 – Cantonese" lang="yue" hreflang="yue" data-title="外匯儲備" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%A4%96%E6%B1%87%E5%82%A8%E5%A4%87" title="外汇储备 – Chinese" lang="zh" hreflang="zh" data-title="外汇储备" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q317617#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Foreign_exchange_reserves" title="View the content page [c]" accesskey="c"><span>Article</span></a></li><li id="ca-talk" class="vector-tab-noicon mw-list-item"><a href="/wiki/Talk:Foreign_exchange_reserves" rel="discussion" title="Discuss improvements to the content page [t]" accesskey="t"><span>Talk</span></a></li> </ul> </div> </div> <div id="vector-variants-dropdown" class="vector-dropdown emptyPortlet" > <input type="checkbox" id="vector-variants-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-variants-dropdown" class="vector-dropdown-checkbox " aria-label="Change language variant" > <label id="vector-variants-dropdown-label" for="vector-variants-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">English</span> </label> <div class="vector-dropdown-content"> <div id="p-variants" class="vector-menu mw-portlet mw-portlet-variants emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> </div> </div> </nav> </div> <div id="right-navigation" class="vector-collapsible"> <nav aria-label="Views"> <div id="p-views" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-views" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-view" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Foreign_exchange_reserves"><span>Read</span></a></li><li id="ca-edit" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-history" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Foreign_exchange_reserves&action=history" title="Past revisions of this page [h]" accesskey="h"><span>View history</span></a></li> </ul> </div> </div> </nav> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-dropdown" class="vector-dropdown vector-page-tools-dropdown" > <input type="checkbox" id="vector-page-tools-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-tools-dropdown" class="vector-dropdown-checkbox " aria-label="Tools" > <label id="vector-page-tools-dropdown-label" for="vector-page-tools-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">Tools</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-tools-unpinned-container" class="vector-unpinned-container"> <div id="vector-page-tools" class="vector-page-tools vector-pinnable-element"> <div class="vector-pinnable-header vector-page-tools-pinnable-header vector-pinnable-header-unpinned" data-feature-name="page-tools-pinned" data-pinnable-element-id="vector-page-tools" data-pinned-container-id="vector-page-tools-pinned-container" data-unpinned-container-id="vector-page-tools-unpinned-container" > <div class="vector-pinnable-header-label">Tools</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-page-tools.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-page-tools.unpin">hide</button> </div> <div id="p-cactions" class="vector-menu mw-portlet mw-portlet-cactions emptyPortlet vector-has-collapsible-items" title="More options" > <div class="vector-menu-heading"> Actions </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-more-view" class="selected vector-more-collapsible-item mw-list-item"><a href="/wiki/Foreign_exchange_reserves"><span>Read</span></a></li><li id="ca-more-edit" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-more-history" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Foreign_exchange_reserves&action=history"><span>View history</span></a></li> </ul> </div> </div> <div id="p-tb" class="vector-menu mw-portlet mw-portlet-tb" > <div class="vector-menu-heading"> General </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="t-whatlinkshere" class="mw-list-item"><a href="/wiki/Special:WhatLinksHere/Foreign_exchange_reserves" title="List of all English Wikipedia pages containing links to this page [j]" accesskey="j"><span>What links here</span></a></li><li id="t-recentchangeslinked" class="mw-list-item"><a href="/wiki/Special:RecentChangesLinked/Foreign_exchange_reserves" rel="nofollow" title="Recent changes in pages linked from this page [k]" accesskey="k"><span>Related changes</span></a></li><li id="t-upload" class="mw-list-item"><a href="//en.wikipedia.org/wiki/Wikipedia:File_Upload_Wizard" title="Upload files [u]" accesskey="u"><span>Upload file</span></a></li><li id="t-permalink" class="mw-list-item"><a href="/w/index.php?title=Foreign_exchange_reserves&oldid=1259090243" title="Permanent link to this revision of this page"><span>Permanent link</span></a></li><li id="t-info" class="mw-list-item"><a href="/w/index.php?title=Foreign_exchange_reserves&action=info" title="More information about this page"><span>Page information</span></a></li><li id="t-cite" class="mw-list-item"><a href="/w/index.php?title=Special:CiteThisPage&page=Foreign_exchange_reserves&id=1259090243&wpFormIdentifier=titleform" title="Information on how to cite this page"><span>Cite this page</span></a></li><li id="t-urlshortener" class="mw-list-item"><a href="/w/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FForeign_exchange_reserves"><span>Get shortened URL</span></a></li><li id="t-urlshortener-qrcode" class="mw-list-item"><a href="/w/index.php?title=Special:QrCode&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FForeign_exchange_reserves"><span>Download QR code</span></a></li> </ul> </div> </div> <div id="p-coll-print_export" class="vector-menu mw-portlet mw-portlet-coll-print_export" > <div class="vector-menu-heading"> Print/export </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="coll-download-as-rl" class="mw-list-item"><a href="/w/index.php?title=Special:DownloadAsPdf&page=Foreign_exchange_reserves&action=show-download-screen" title="Download this page as a PDF file"><span>Download as PDF</span></a></li><li id="t-print" class="mw-list-item"><a href="/w/index.php?title=Foreign_exchange_reserves&printable=yes" title="Printable version of this page [p]" accesskey="p"><span>Printable version</span></a></li> </ul> </div> </div> <div id="p-wikibase-otherprojects" class="vector-menu mw-portlet mw-portlet-wikibase-otherprojects" > <div class="vector-menu-heading"> In other projects </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="wb-otherproject-link wb-otherproject-commons mw-list-item"><a href="https://commons.wikimedia.org/wiki/Category:Foreign-exchange_reserves" hreflang="en"><span>Wikimedia Commons</span></a></li><li id="t-wikibase" class="wb-otherproject-link wb-otherproject-wikibase-dataitem mw-list-item"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q317617" title="Structured data on this page hosted by Wikidata [g]" accesskey="g"><span>Wikidata item</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> </div> </div> </div> <div class="vector-column-end"> <div class="vector-sticky-pinned-container"> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-pinned-container" class="vector-pinned-container"> </div> </nav> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-pinned-container" class="vector-pinned-container"> <div id="vector-appearance" class="vector-appearance vector-pinnable-element"> <div class="vector-pinnable-header vector-appearance-pinnable-header vector-pinnable-header-pinned" data-feature-name="appearance-pinned" data-pinnable-element-id="vector-appearance" data-pinned-container-id="vector-appearance-pinned-container" data-unpinned-container-id="vector-appearance-unpinned-container" > <div class="vector-pinnable-header-label">Appearance</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-appearance.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Money held by a central bank to pay debts, if needed</div> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · ";font-weight:bold}.mw-parser-output .hlist dd:last-child::after,.mw-parser-output .hlist dt:last-child::after,.mw-parser-output .hlist li:last-child::after{content:none}.mw-parser-output .hlist dd dd:first-child::before,.mw-parser-output .hlist dd dt:first-child::before,.mw-parser-output .hlist dd li:first-child::before,.mw-parser-output .hlist dt dd:first-child::before,.mw-parser-output .hlist dt dt:first-child::before,.mw-parser-output .hlist dt li:first-child::before,.mw-parser-output .hlist li dd:first-child::before,.mw-parser-output .hlist li dt:first-child::before,.mw-parser-output .hlist li li:first-child::before{content:" (";font-weight:normal}.mw-parser-output .hlist dd dd:last-child::after,.mw-parser-output .hlist dd dt:last-child::after,.mw-parser-output .hlist dd li:last-child::after,.mw-parser-output .hlist dt dd:last-child::after,.mw-parser-output .hlist dt dt:last-child::after,.mw-parser-output .hlist dt li:last-child::after,.mw-parser-output .hlist li dd:last-child::after,.mw-parser-output .hlist li dt:last-child::after,.mw-parser-output .hlist li li:last-child::after{content:")";font-weight:normal}.mw-parser-output .hlist ol{counter-reset:listitem}.mw-parser-output .hlist ol>li{counter-increment:listitem}.mw-parser-output .hlist ol>li::before{content:" "counter(listitem)"\a0 "}.mw-parser-output .hlist dd ol>li:first-child::before,.mw-parser-output .hlist dt ol>li:first-child::before,.mw-parser-output .hlist li ol>li:first-child::before{content:" ("counter(listitem)"\a0 "}</style><style data-mw-deduplicate="TemplateStyles:r1246091330">.mw-parser-output .sidebar{width:22em;float:right;clear:right;margin:0.5em 0 1em 1em;background:var(--background-color-neutral-subtle,#f8f9fa);border:1px solid var(--border-color-base,#a2a9b1);padding:0.2em;text-align:center;line-height:1.4em;font-size:88%;border-collapse:collapse;display:table}body.skin-minerva .mw-parser-output .sidebar{display:table!important;float:right!important;margin:0.5em 0 1em 1em!important}.mw-parser-output .sidebar-subgroup{width:100%;margin:0;border-spacing:0}.mw-parser-output .sidebar-left{float:left;clear:left;margin:0.5em 1em 1em 0}.mw-parser-output .sidebar-none{float:none;clear:both;margin:0.5em 1em 1em 0}.mw-parser-output .sidebar-outer-title{padding:0 0.4em 0.2em;font-size:125%;line-height:1.2em;font-weight:bold}.mw-parser-output .sidebar-top-image{padding:0.4em}.mw-parser-output .sidebar-top-caption,.mw-parser-output .sidebar-pretitle-with-top-image,.mw-parser-output .sidebar-caption{padding:0.2em 0.4em 0;line-height:1.2em}.mw-parser-output .sidebar-pretitle{padding:0.4em 0.4em 0;line-height:1.2em}.mw-parser-output .sidebar-title,.mw-parser-output .sidebar-title-with-pretitle{padding:0.2em 0.8em;font-size:145%;line-height:1.2em}.mw-parser-output .sidebar-title-with-pretitle{padding:0.1em 0.4em}.mw-parser-output .sidebar-image{padding:0.2em 0.4em 0.4em}.mw-parser-output .sidebar-heading{padding:0.1em 0.4em}.mw-parser-output .sidebar-content{padding:0 0.5em 0.4em}.mw-parser-output .sidebar-content-with-subgroup{padding:0.1em 0.4em 0.2em}.mw-parser-output .sidebar-above,.mw-parser-output .sidebar-below{padding:0.3em 0.8em;font-weight:bold}.mw-parser-output .sidebar-collapse .sidebar-above,.mw-parser-output .sidebar-collapse .sidebar-below{border-top:1px solid #aaa;border-bottom:1px solid #aaa}.mw-parser-output .sidebar-navbar{text-align:right;font-size:115%;padding:0 0.4em 0.4em}.mw-parser-output .sidebar-list-title{padding:0 0.4em;text-align:left;font-weight:bold;line-height:1.6em;font-size:105%}.mw-parser-output .sidebar-list-title-c{padding:0 0.4em;text-align:center;margin:0 3.3em}@media(max-width:640px){body.mediawiki .mw-parser-output .sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar nomobile nowraplinks hlist"><tbody><tr><th class="sidebar-title">Foreign exchange</th></tr><tr><th class="sidebar-heading"> Exchange rates</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Currency_band" title="Currency band">Currency band</a></li> <li><a href="/wiki/Exchange_rate" title="Exchange rate">Exchange rate</a></li> <li><a href="/wiki/Exchange_rate_regime" title="Exchange rate regime">Exchange rate regime</a></li> <li><a href="/wiki/Exchange-rate_flexibility" title="Exchange-rate flexibility">Exchange-rate flexibility</a></li> <li><a href="/wiki/Currency_substitution" title="Currency substitution">Dollarization</a></li> <li><a href="/wiki/Fixed_exchange_rate_system" title="Fixed exchange rate system">Fixed exchange rate</a></li> <li><a href="/wiki/Floating_exchange_rate" title="Floating exchange rate">Floating exchange rate</a></li> <li><a href="/wiki/Linked_exchange_rate" class="mw-redirect" title="Linked exchange rate">Linked exchange rate</a></li> <li><a href="/wiki/Managed_float_regime" title="Managed float regime">Managed float regime</a></li> <li><a href="/wiki/Dual_exchange_rate" title="Dual exchange rate">Dual exchange rate</a></li> <li><a href="/wiki/List_of_countries_by_foreign-exchange_reserves" title="List of countries by foreign-exchange reserves">List of countries by foreign-exchange reserves</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Markets</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange market</a></li> <li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li> <li><a href="/wiki/Retail_foreign_exchange_trading" title="Retail foreign exchange trading">Retail foreign exchange trading</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Assets</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Currency" title="Currency">Currency</a></li> <li><a href="/wiki/Currency_future" title="Currency future">Currency future</a></li> <li><a href="/wiki/Currency_forward" class="mw-redirect" title="Currency forward">Currency forward</a></li> <li><a href="/wiki/Non-deliverable_forward" title="Non-deliverable forward">Non-deliverable forward</a></li> <li><a href="/wiki/Foreign_exchange_swap" title="Foreign exchange swap">Foreign exchange swap</a></li> <li><a href="/wiki/Currency_swap" title="Currency swap">Currency swap</a></li> <li><a href="/wiki/Foreign_exchange_option" title="Foreign exchange option">Foreign exchange option</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Historical agreements</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Bretton_Woods_Conference" title="Bretton Woods Conference">Bretton Woods Conference</a></li> <li><a href="/wiki/Smithsonian_Agreement" title="Smithsonian Agreement">Smithsonian Agreement</a></li> <li><a href="/wiki/Plaza_Accord" title="Plaza Accord">Plaza Accord</a></li> <li><a href="/wiki/Louvre_Accord" title="Louvre Accord">Louvre Accord</a></li></ul></td> </tr><tr><th class="sidebar-heading"> See also</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Bureau_de_change" title="Bureau de change">Bureau de change</a></li> <li><a href="/wiki/Hard_currency" title="Hard currency">Hard currency</a></li> <li><a href="/wiki/Currency_pair" title="Currency pair">Currency pair</a></li> <li><a href="/wiki/Foreign_exchange_fraud" title="Foreign exchange fraud">Foreign exchange fraud</a></li> <li><a href="/wiki/Currency_intervention" title="Currency intervention">Currency intervention</a></li></ul></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Foreign_exchange" title="Template:Foreign exchange"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Foreign_exchange" title="Template talk:Foreign exchange"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Foreign_exchange" title="Special:EditPage/Template:Foreign exchange"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Foreign exchange reserves</b> (also called <b>forex reserves</b> or <b>FX reserves</b>) are <a href="/wiki/Cash" title="Cash">cash</a> and other reserve assets such as <a href="/wiki/Gold_reserve" title="Gold reserve">gold</a> and <a href="/wiki/Silver#Monetary_use" title="Silver">silver</a> held by a <a href="/wiki/Central_bank" title="Central bank">central bank</a> or other <a href="/wiki/Central_bank#Supranational_central_banks" title="Central bank">monetary authority</a> that are primarily available to <a href="/wiki/Balance_of_payments" title="Balance of payments">balance payments</a> of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets. Reserves are held in one or more <a href="/wiki/Reserve_currency" title="Reserve currency">reserve currencies</a>, nowadays mostly the <a href="/wiki/United_States_dollar" title="United States dollar">United States dollar</a> and to a lesser extent the <a href="/wiki/Euro" title="Euro">euro</a>.<sup id="cite_ref-IMF_1-0" class="reference"><a href="#cite_note-IMF-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Foreign exchange reserves assets can comprise <a href="/wiki/Banknote" title="Banknote">banknotes</a>, <a href="/wiki/Deposit_account" title="Deposit account">bank deposits</a>, and <a href="/wiki/Government_debt" title="Government debt">government securities</a> of the reserve currency, such as <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> and <a href="/wiki/Treasury_bill" class="mw-redirect" title="Treasury bill">treasury bills</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Some countries hold a part of their reserves in <a href="/wiki/Gold" title="Gold">gold</a>, and <a href="/wiki/Special_drawing_rights" title="Special drawing rights">special drawing rights</a> are also considered reserve assets. Often, for convenience, the cash or securities are retained by the central bank of the reserve or other currency and the "holdings" of the foreign country are tagged or otherwise identified as belonging to the other country without them actually leaving the vault of that central bank. From time to time they may be physically moved to the home or another country.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2024)">citation needed</span></a></i>]</sup> </p><p>Normally, interest is not paid on foreign cash reserves, nor on gold holdings, but the central bank usually earns interest on government securities. The central bank may, however, profit from a depreciation of the foreign currency or incur a loss on its appreciation. The central bank also incurs <a href="/wiki/Opportunity_cost" title="Opportunity cost">opportunity costs</a> from holding the reserve assets (especially cash holdings) and from their storage, security costs, etc. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Definition">Definition</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=1" title="Edit section: Definition"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:2006reserves_(forex_and_gold).PNG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/2006reserves_%28forex_and_gold%29.PNG/220px-2006reserves_%28forex_and_gold%29.PNG" decoding="async" width="220" height="96" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/2006reserves_%28forex_and_gold%29.PNG/330px-2006reserves_%28forex_and_gold%29.PNG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ea/2006reserves_%28forex_and_gold%29.PNG/440px-2006reserves_%28forex_and_gold%29.PNG 2x" data-file-width="1425" data-file-height="625" /></a><figcaption>Reserves of SDRs, forex and <a href="/wiki/Gold_as_an_investment" title="Gold as an investment">gold</a> in 2006</figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Country_foreign_exchange_reserves_minus_external_debt.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/19/Country_foreign_exchange_reserves_minus_external_debt.png/220px-Country_foreign_exchange_reserves_minus_external_debt.png" decoding="async" width="220" height="100" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/19/Country_foreign_exchange_reserves_minus_external_debt.png/330px-Country_foreign_exchange_reserves_minus_external_debt.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/19/Country_foreign_exchange_reserves_minus_external_debt.png/440px-Country_foreign_exchange_reserves_minus_external_debt.png 2x" data-file-width="1818" data-file-height="828" /></a><figcaption>Foreign exchange reserves minus external debt in 2011</figcaption></figure> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Foreign_exchange_reserves" title="Special:EditPage/Foreign exchange reserves">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">July 2014</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>Foreign exchange reserves are also known as reserve assets and include foreign <a href="/wiki/Banknote" title="Banknote">banknotes</a>, foreign bank deposits, foreign <a href="/wiki/Treasury_bill" class="mw-redirect" title="Treasury bill">treasury bills</a>, and short and long-term foreign government securities, as well as <a href="/wiki/Gold_reserve" title="Gold reserve">gold reserves</a>, <a href="/wiki/Special_drawing_rights" title="Special drawing rights">special drawing rights</a> (SDRs), and <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF) reserve positions. </p><p>In a central bank's accounts, foreign exchange reserves are called <a href="/wiki/Reserve_asset" class="mw-redirect" title="Reserve asset">reserve assets</a> in the <a href="/wiki/Capital_account" title="Capital account">capital account</a> of the <a href="/wiki/Balance_of_payments" title="Balance of payments">balance of payments</a>, and may be labeled as reserve assets under assets by functional category. In terms of financial assets classifications, reserve assets can be classified as <a href="/wiki/Gold_bar" title="Gold bar">gold bullion</a>, unallocated gold accounts, special drawing rights, currency, reserve position in the IMF, interbank position, other transferable deposits, other deposits, <a href="/wiki/Security_(finance)" title="Security (finance)">debt securities</a>, <a href="/wiki/Loan" title="Loan">loans</a>, <a href="/wiki/Stock" title="Stock">stocks</a> (listed and unlisted), investment fund shares and financial <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a>, such as <a href="/wiki/Forward_contract" title="Forward contract">forward contracts</a> and <a href="/wiki/Option_(finance)" title="Option (finance)">options</a>. There is no counterpart for reserve assets in liabilities of the International Investment Position. Usually, when the monetary authority of a country has some kind of liability, this will be included in other categories, such as Other Investments.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> On a central bank's <a href="/wiki/Balance_sheet" title="Balance sheet">Balance sheet</a>, foreign exchange reserves are assets, along with domestic credit. </p> <div class="mw-heading mw-heading2"><h2 id="Purpose">Purpose</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=2" title="Edit section: Purpose"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:COFER_2000-2019.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bb/COFER_2000-2019.svg/220px-COFER_2000-2019.svg.png" decoding="async" width="220" height="163" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bb/COFER_2000-2019.svg/330px-COFER_2000-2019.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bb/COFER_2000-2019.svg/440px-COFER_2000-2019.svg.png 2x" data-file-width="880" data-file-height="650" /></a><figcaption>Currency composition of official foreign exchange reserves (2000-2019), in trillions of U.S. dollars</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Foreign_exchange_reserves" title="Special:EditPage/Foreign exchange reserves">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">March 2016</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>Typically, one of the critical functions of a country's central bank is <b>reserve management</b>, to ensure that the central bank has control over adequate foreign assets to meet national objectives. These objectives may include: </p> <ul><li>supporting and maintaining confidence in the national monetary and exchange rate management policies,</li> <li>limiting external vulnerability to shocks during times of crisis or when access to borrowing is curtailed, and in doing so - <ul><li>providing a level of confidence to markets,</li> <li>demonstrating backing for the domestic currency,</li> <li>assisting the government to meet its foreign exchange needs and external debt obligations, and</li> <li>maintaining a reserve for potential national disasters or emergencies.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></li></ul></li></ul> <p>Reserves assets allow a central bank to purchase the domestic currency, which is considered a liability for the central bank (since it prints the money or <a href="/wiki/Fiat_money" title="Fiat money">fiat currency</a> as <a href="/wiki/IOU" title="IOU">IOUs</a>). Thus, the quantity of foreign exchange reserves can change as a central bank implements <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>,<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> but this dynamic should be analyzed generally in the context of the level of capital mobility, the <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rate</a> regime and other factors. This is known as <a href="/wiki/Trilemma" title="Trilemma">trilemma</a> or <a href="/wiki/Impossible_trinity" title="Impossible trinity">impossible trinity</a>. Hence, in a world of perfect capital mobility, a country with <a href="/wiki/Fixed_exchange_rate_system" title="Fixed exchange rate system">fixed exchange rate</a> would not be able to execute an independent monetary policy. </p><p>A central bank which chooses to implement a fixed exchange rate policy may face a situation where <a href="/wiki/Supply_(economics)" title="Supply (economics)">supply</a> and <a href="/wiki/Demand" title="Demand">demand</a> would tend to push the value of the currency lower or higher (an increase in demand for the currency would tend to push its value higher, and a decrease lower) and thus the central bank would have to use reserves to maintain its fixed exchange rate. Under perfect capital mobility, the change in reserves is a temporary measure, since the fixed exchange rate attaches the domestic monetary policy to that of the country of the <a href="/wiki/Base_currency" class="mw-redirect" title="Base currency">base currency</a>. Hence, in the long term, the monetary policy has to be adjusted in order to be compatible with that of the country of the base currency. Without that, the country will experience outflows or inflows of capital. Fixed pegs were usually used as a form of monetary policy, since attaching the domestic currency to a currency of a country with lower levels of inflation should usually assure convergence of prices. </p><p>In a pure flexible exchange rate regime or <a href="/wiki/Floating_exchange_rate" title="Floating exchange rate">floating exchange rate</a> regime, the central bank does not intervene in the exchange rate dynamics; hence the exchange rate is determined by the market. Theoretically, in this case reserves are not necessary. Other instruments of monetary policy are generally used, such as interest rates in the context of an <a href="/wiki/Inflation_targeting" title="Inflation targeting">inflation targeting</a> regime. <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> was a strong advocate of flexible exchange rates, since he considered that independent monetary (and in some cases fiscal) policy and openness of the capital account are more valuable than a fixed exchange rate. Also, he valued the role of exchange rate as a price. As a matter of fact, he believed that sometimes it could be less painful and thus desirable to adjust only one price (the exchange rate) than the whole set of prices of <a href="/wiki/Goods" title="Goods">goods</a> and <a href="/wiki/Wage" title="Wage">wages</a> of the economy, that are less flexible.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>Mixed exchange rate regimes (<a href="/wiki/Managed_float_regime" title="Managed float regime">'dirty floats'</a>, target bands or similar variations) may require the use of foreign exchange operations to maintain the targeted exchange rate within the prescribed limits, such as fixed exchange rate regimes. As seen above, there is an intimate relation between exchange rate policy (and hence reserves accumulation) and monetary policy. Foreign exchange operations can be <a href="/wiki/Sterilization_(economics)" title="Sterilization (economics)">sterilized</a> (have their effect on the money supply negated via other financial transactions) or unsterilized. </p><p>Non-sterilization will cause an expansion or contraction in the amount of domestic currency in circulation, and hence directly affect <a href="/wiki/Inflation" title="Inflation">inflation</a> and monetary policy. For example, to maintain the same exchange rate if there is increased demand, the central bank can issue more of the domestic currency and purchase foreign currency, which will increase the sum of foreign reserves. Since (if there is no sterilization) the domestic money supply is increasing (money is being 'printed'), this may provoke domestic inflation. Also, some central banks may let the exchange rate appreciate to control inflation, usually by the channel of cheapening <a href="/wiki/Tradability" title="Tradability">tradable</a> goods. </p><p>Since the amount of foreign reserves available to defend a weak currency (a currency in low demand) is limited, a <a href="/wiki/Currency_crisis" title="Currency crisis">currency crisis</a> or <a href="/wiki/Devaluation" title="Devaluation">devaluation</a> could be the result. For a currency in very high and rising demand, foreign exchange reserves can theoretically be continuously accumulated, if the intervention is sterilized through <a href="/wiki/Open_market_operation" title="Open market operation">open market operations</a> to prevent inflation from rising. On the other hand, this is costly, since the sterilization is usually done by <a href="/wiki/Government_debt" title="Government debt">public debt</a> instruments (in some countries Central Banks are not allowed to emit debt by themselves). In practice, few central banks or currency regimes operate on such a simplistic level, and numerous other factors (domestic demand, production and <a href="/wiki/Productivity" title="Productivity">productivity</a>, imports and exports, relative prices of goods and services, etc.) will affect the eventual outcome. Besides that, the hypothesis that the world economy operates under perfect capital mobility is clearly flawed. </p><p>As a consequence, even those central banks that strictly limit foreign exchange interventions often recognize that currency markets can be volatile and may intervene to counter disruptive short-term movements (that may include <a href="/wiki/Speculative_attack" title="Speculative attack">speculative attacks</a>). Thus, intervention does not mean that they are defending a specific exchange rate level. Hence, the higher the reserves, the higher is the capacity of the central bank to smooth the <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> of the Balance of Payments and assure <a href="/wiki/Consumption_smoothing" title="Consumption smoothing">consumption smoothing</a> in the long term. </p> <div class="mw-heading mw-heading2"><h2 id="Reserve_accumulation">Reserve accumulation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=3" title="Edit section: Reserve accumulation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>After the end of the <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> in the early 1970s, many countries adopted flexible exchange rates. In theory reserves are not needed under this type of exchange rate arrangement; thus the expected trend should be a decline in foreign exchange reserves. However, the opposite happened and foreign reserves present a strong upward trend. Reserves grew more than <a href="/wiki/Gross_domestic_product" title="Gross domestic product">gross domestic product</a> (GDP) and imports in many countries. The only ratio that is relatively stable is foreign reserves over <a href="/wiki/Money_supply" title="Money supply">M2</a>.<sup id="cite_ref-Rodrik_7-0" class="reference"><a href="#cite_note-Rodrik-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Below are some theories that can explain this trend. </p> <div class="mw-heading mw-heading3"><h3 id="Theories">Theories</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=4" title="Edit section: Theories"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Signaling_or_vulnerability_indicator">Signaling or vulnerability indicator</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=5" title="Edit section: Signaling or vulnerability indicator"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Credit_risk" title="Credit risk">Credit risk</a> agencies and international organizations use ratios of reserves to other external sector variables to assess a country's external vulnerability. For example, Article IV of 2013<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> uses total <a href="/wiki/External_debt" title="External debt">external debt</a> to gross international reserves, gross international reserves in months of prospective goods and nonfactor services imports to <a href="/wiki/Broad_money" title="Broad money">broad money</a>, broad money to short-term external debt, and short-term external debt to short-term external debt on residual maturity basis plus current account deficit. Therefore, countries with similar characteristics accumulate reserves to avoid negative assessment by the financial market, especially when compared to members of a <a href="/wiki/Peer_group" title="Peer group">peer group</a>. </p> <div class="mw-heading mw-heading4"><h4 id="Precautionary_aspect">Precautionary aspect</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=6" title="Edit section: Precautionary aspect"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Reserves are used as <a href="/wiki/Savings" class="mw-redirect" title="Savings">savings</a> for potential times of crises, especially balance of payments crises. Original fears were related to the current account, but this gradually changed to also include financial account needs.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Furthermore, the creation of the IMF was viewed as a response to the need of countries to accumulate reserves. If a specific country is suffering from a balance of payments crisis, it would be able to borrow from the IMF. However, the process of obtaining resources from the Fund is not automatic, which can cause problematic delays especially when markets are stressed. Therefore, the fund only serves as a provider of resources for longer term adjustments. Also, when the crisis is generalized, the resources of the IMF could prove insufficient. After the 2008 crisis, the members of the Fund had to approve a capital increase, since its resources were strained.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Moreover, after the 1997 Asian crisis, reserves in Asian countries increased because of doubt in the IMF reserves.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Also, during the 2008 crisis, the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> instituted <a href="/wiki/Currency_swap" title="Currency swap">currency swap</a> lines with several countries, alleviating liquidity pressures in dollars, thus reducing the need to use reserves. </p> <div class="mw-heading mw-heading5"><h5 id="External_trade">External trade</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=7" title="Edit section: External trade"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Countries engaging in <a href="/wiki/International_trade" title="International trade">international trade</a>, maintain reserves to ensure no interruption. A rule usually followed by central banks is to hold in reserve at least three months of imports. Also, an increase in reserves occurred when commercial openness increased (part of the process known as <a href="/wiki/Globalization" title="Globalization">globalization</a>). Reserve accumulation was faster than that which would be explained by trade, since the ratio has increased to several months of imports. Furthermore, the ratio of reserves to foreign trade is closely watched by credit risk agencies in months of imports. </p> <div class="mw-heading mw-heading5"><h5 id="Financial_openness">Financial openness</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=8" title="Edit section: Financial openness"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The opening of a financial account of the <a href="/wiki/Balance_of_payments" title="Balance of payments">balance of payments</a> has been important during the last decade. Hence, financial flows such as <a href="/wiki/Foreign_direct_investment" title="Foreign direct investment">direct investment</a> and <a href="/wiki/Portfolio_investment" title="Portfolio investment">portfolio investment</a> became more important. Usually financial flows are more volatile that enforce the necessity of higher reserves. Moreover, holding reserves, as a consequence of the increasing of financial flows, is known as <a href="/wiki/Guidotti%E2%80%93Greenspan_rule" title="Guidotti–Greenspan rule">Guidotti–Greenspan rule</a> that states a country should hold liquid reserves equal to their foreign liabilities coming due within a year. For example, international wholesale financing relied more on Korean banks in the aftermath of the 2008 crisis, when the Korean Won depreciated strongly, because the Korean banks' ratio of short-term external debt to reserves was close to 100%, which exacerbated the perception of vulnerability.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Exchange_rate_policy">Exchange rate policy</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=9" title="Edit section: Exchange rate policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Reserve accumulation can be an instrument to interfere with the exchange rate. Since the first <a href="/wiki/General_Agreement_on_Tariffs_and_Trade" title="General Agreement on Tariffs and Trade">General Agreement on Tariffs and Trade</a> (GATT) of 1948 to the foundation of the <a href="/wiki/World_Trade_Organization" title="World Trade Organization">World Trade Organization</a> (WTO) in 1995, the regulation of trade is a major concern for most countries throughout the world. Hence, commercial distortions such as subsidies and taxes are strongly discouraged. However, there is no global framework to regulate financial flows. As an example of regional framework, members of the <a href="/wiki/European_Union" title="European Union">European Union</a> are prohibited from introducing <a href="/wiki/Capital_control" title="Capital control">capital controls</a>, except in an extraordinary situation. The dynamics of <a href="/wiki/China" title="China">China's</a> trade balance and reserve accumulation during the first decade of the 2000 was one of the main reasons for the interest in this topic. Some economists are trying to explain this behavior. Usually, the explanation is based on a sophisticated variation of <a href="/wiki/Mercantilism" title="Mercantilism">mercantilism</a>, such as to protect the take-off in the <a href="/wiki/Tradability" title="Tradability">tradable</a> sector of an economy, by avoiding the real exchange rate appreciation that would naturally arise from this process. One attempt<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> uses a standard model of open economy <a href="/wiki/Intertemporal_consumption" title="Intertemporal consumption">intertemporal consumption</a> to show that it is possible to replicate a tariff on imports or a subsidy on exports by closing the capital account and accumulating reserves. Another<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> is more related to the <a href="/wiki/Economic_growth" title="Economic growth">economic growth</a> literature. The argument is that the tradable sector of an economy is more capital intense than the non-tradable sector. The <a href="/wiki/Private_sector" title="Private sector">private sector</a> invests too little in capital, since it fails to understand the social gains of a higher capital ratio given by <a href="/wiki/Externality" title="Externality">externalities</a> (like improvements in <a href="/wiki/Human_capital" title="Human capital">human capital</a>, higher competition, technological spillovers and increasing returns to scale). The government could improve the equilibrium by imposing <a href="/wiki/Subsidy" title="Subsidy">subsidies</a> and <a href="/wiki/Tariff" title="Tariff">tariffs</a>, but the hypothesis is that the government is unable to distinguish between good investment opportunities and <a href="/wiki/Rent-seeking" title="Rent-seeking">rent-seeking</a> schemes. Thus, reserves accumulation would correspond to a loan to foreigners to purchase a quantity of tradable goods from the economy. In this case, the real exchange rate would depreciate and the growth rate would increase. In some cases, this could improve welfare, since the higher growth rate would compensate the loss of the tradable goods that could be consumed or invested. In this context, foreigners have the role to choose only the useful tradable goods sectors. </p> <div class="mw-heading mw-heading4"><h4 id="Intergenerational_savings">Intergenerational savings</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=10" title="Edit section: Intergenerational savings"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Reserve accumulation can be seen as a way of "forced savings". The government, by closing the financial account, would force the private sector to buy <a href="/wiki/Internal_debt" title="Internal debt">domestic debt</a> for lack of better alternatives. With these resources, the government buys foreign assets. Thus, the government coordinates the savings accumulation in the form of reserves. <a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth funds</a> are examples of governments that try to save the windfall of booming exports as long-term assets to be used when the source of the windfall is extinguished. </p> <div class="mw-heading mw-heading3"><h3 id="Costs">Costs</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=11" title="Edit section: Costs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are costs in maintaining large currency reserves. Fluctuations in <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rates</a> result in gains and losses in the value of reserves. In addition, the purchasing power of <a href="/wiki/Fiat_money" title="Fiat money">fiat money</a> decreases constantly due to devaluation through inflation. Therefore, a central bank must continually increase the amount of its reserves to maintain the same power to manage exchange rates. Reserves of foreign currency may provide a small return in <a href="/wiki/Interest" title="Interest">interest</a>. However, this may be less than the reduction in purchasing power of that currency over the same period of time due to inflation, effectively resulting in a negative return known as the "quasi-fiscal cost". In addition, large currency reserves could have been invested in higher yielding assets. </p><p>Several calculations have been attempted to measure the cost of reserves. The traditional one is the spread between government debt and the yield on reserves. The caveat is that higher reserves can decrease the perception of risk and thus the government bond interest rate, so this measures can overstate the cost. Alternatively, another measure compares the yield in reserves with the alternative scenario of the resources being invested in capital stock to the economy, which is hard to measure. One interesting<sup id="cite_ref-Rodrik_7-1" class="reference"><a href="#cite_note-Rodrik-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> measure tries to compare the spread between short term foreign borrowing of the private sector and yields on reserves, recognizing that reserves can correspond to a transfer between the private and the public sectors. By this measure, the cost can reach 1% of GDP to developing countries. While this is high, it should be viewed as an insurance against a crisis that could easily cost 10% of GDP to a country. In the context of theoretical economic models it is possible to simulate economies with different policies (accumulate reserves or not) and directly compare the welfare in terms of consumption. Results are mixed, since they depend on specific features of the models. </p><p>A case to point out is that of the <a href="/wiki/Swiss_National_Bank" title="Swiss National Bank">Swiss National Bank</a>, the central bank of Switzerland. The Swiss franc is regarded as a <a href="/wiki/Hard_currency" title="Hard currency">safe haven currency</a>, so it usually appreciates during market's stress. In the aftermath of the 2008 crisis and during the initial stages of the <a href="/wiki/European_debt_crisis" class="mw-redirect" title="European debt crisis">Eurozone crisis</a>, the <a href="/wiki/Swiss_franc" title="Swiss franc">Swiss franc</a> (CHF) appreciated sharply. The central bank resisted appreciation by buying reserves. After accumulating reserves during 15 months until June 2010, the SNB let the currency appreciate. As a result, the loss with the devaluation of reserves just in 2010 amounted to CHF 27 Billion or 5% of GDP (part of this was compensated by the profit of almost CHF6 Billion due to the surge in the price of gold).<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> In 2011, after the currency appreciated against the Euro from 1.5 to 1.1, the SNB announced a ceiling at the value of CHF 1.2. In the middle of 2012, reserves reached 71% of GDP. </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=12" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Origins_and_Gold_Standard_Era">Origins and Gold Standard Era</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=13" title="Edit section: Origins and Gold Standard Era"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The modern exchange market as tied to the prices of gold began during 1880. Of this year the countries significant by size of reserves were <a href="/wiki/Austria-Hungary" title="Austria-Hungary">Austria-Hungary</a>, <a href="/wiki/Belgium" title="Belgium">Belgium</a>, <a href="/wiki/Canadian_Confederation" title="Canadian Confederation">Canadian Confederation</a>, <a href="/wiki/Denmark" title="Denmark">Denmark</a>, <a href="/wiki/Grand_Duchy_of_Finland" title="Grand Duchy of Finland">Grand Duchy of Finland</a>, <a href="/wiki/German_Empire" title="German Empire">German Empire</a> and <a href="/wiki/Union_between_Sweden_and_Norway" title="Union between Sweden and Norway">Sweden-Norway</a>.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>Official international reserves, the means of official international payments, formerly consisted only of gold, and occasionally silver. But under the Bretton Woods system, the US dollar functioned as a reserve currency, so it too became part of a nation's official international reserve assets. From 1944 to 1968, the US dollar was convertible into gold through the Federal Reserve System, but after 1968 only central banks could convert dollars into gold from official gold reserves, and after 1973 no individual or institution could convert US dollars into gold from official gold reserves. Since 1973, no major currencies have been convertible into gold from official gold reserves. Individuals and institutions must now buy gold in private markets, just like other commodities. Even though US dollars and other currencies are no longer convertible into gold from official gold reserves, they still can function as official international reserves. </p><p>Central banks throughout the world have sometimes cooperated in buying and selling official international reserves to attempt to influence exchange rates and avert financial crisis. For example, in the <a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (the "Panic of 1890"), the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> borrowed GBP 2 million from the <a href="/wiki/Bank_of_France" title="Bank of France">Bank of France</a>.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> The same was true for the <a href="/wiki/Louvre_Accord" title="Louvre Accord">Louvre Accord</a> and the <a href="/wiki/Plaza_Accord" title="Plaza Accord">Plaza Accord</a> in the post gold-standard era. </p> <div class="mw-heading mw-heading3"><h3 id="Post_Gold_Standard_Era">Post Gold Standard Era</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=14" title="Edit section: Post Gold Standard Era"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Historically, especially before the <a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a>, central banks had rather meager reserves (by today's standards) and were therefore subject to the whims of the market, of which there was accusations of <a href="/wiki/Hot_money" title="Hot money">hot money</a> manipulation, however Japan was the exception. In the case of Japan, forex reserves began their ascent a decade earlier, shortly after the <a href="/wiki/Plaza_Accord" title="Plaza Accord">Plaza Accord</a> in 1985, and were primarily used as a tool to weaken the surging <a href="/wiki/Japanese_yen" title="Japanese yen">yen</a>.<sup id="cite_ref-bis_19-0" class="reference"><a href="#cite_note-bis-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> This effectively granted the United States a massive loan as they were almost exclusively invested in <a href="/wiki/United_States_Treasury_security" title="United States Treasury security">US Treasuries</a>, which assisted the US to engage the <a href="/wiki/Soviet_Union" title="Soviet Union">Soviet Union</a> in an arms race which ended with the latter's bankruptcy, and at the same time, turned Japan into the world's largest creditor and the US the largest debtor, as well as swelled Japan's domestic debt (Japan sold its own currency to fund the buildup of dollar based assets). By end of 1980, foreign assets of Japan were about 13% of GDP but by the end of 1989 had reached an unprecedented 62%.<sup id="cite_ref-bis_19-1" class="reference"><a href="#cite_note-bis-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> After 1997, nations in East and Southeast Asia began their massive build-up of forex reserves, as their levels were deemed too low and susceptible to the whims of the market credit bubbles and busts. This build-up has major implications for today's developed world economy, by setting aside so much cash that was piled into US and European debt, investment had been <a href="/wiki/Crowding_out_(economics)" title="Crowding out (economics)">crowded out</a>, the developed world economy had effectively slowed to a crawl, giving birth to contemporary <a href="/wiki/Interest_rate#Negative_nominal_or_real_rates" title="Interest rate">negative interest rates</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2019)">citation needed</span></a></i>]</sup> </p><p>By 2007, the world had experienced yet another financial crisis, this time the US Federal Reserve organized <a href="/wiki/Central_bank_liquidity_swap" title="Central bank liquidity swap">central bank liquidity swaps</a> with other institutions. Developed countries authorities adopted extra expansionary monetary and fiscal policies, which led to the appreciation of currencies of some <a href="/wiki/Emerging_market" title="Emerging market">emerging markets</a>. The resistance to appreciation and the fear of lost <a href="/wiki/Competition_(economics)" title="Competition (economics)">competitiveness</a> led to policies aiming to prevent inflows of capital and more accumulation of reserves. This pattern was called <a href="/wiki/Currency_war" title="Currency war">currency war</a> by an exasperated Brazilian authority, and again in 2016 followed the <a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">commodities collapse</a>, Mexico had warned China of triggering currency wars.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Adequacy_and_excess_reserves">Adequacy and excess reserves</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=15" title="Edit section: Adequacy and excess reserves"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The IMF proposed a new metric to assess reserves adequacy in 2011.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> The metric was based on the careful analysis of sources of outflow during crisis. Those liquidity needs are calculated taking in consideration the <a href="/wiki/Correlation" title="Correlation">correlation</a> between various components of the balance of payments and the probability of tail events. The higher the ratio of reserves to the developed metric, the lower is the risk of a crisis and the drop in consumption during a crisis. Besides that, the Fund does <a href="/wiki/Econometrics" title="Econometrics">econometric analysis</a> of several factors listed above and finds those reserves ratios are generally adequate among emerging markets.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2019)">citation needed</span></a></i>]</sup> </p><p>Reserves that are above the adequacy ratio can be used in other government funds invested in more risky assets such as sovereign wealth funds or as insurance to time of crisis, such as <a href="/wiki/Stabilization_fund" title="Stabilization fund">stabilization funds</a>. If those were included, <a href="/wiki/Norway" title="Norway">Norway</a>, <a href="/wiki/Singapore" title="Singapore">Singapore</a> and <a href="/wiki/Arab_states_of_the_Persian_Gulf" title="Arab states of the Persian Gulf">Persian Gulf States</a> would rank higher on these lists, and <a href="/wiki/United_Arab_Emirates" title="United Arab Emirates">United Arab Emirates</a>' estimated $627 billion <a href="/wiki/Abu_Dhabi_Investment_Authority" title="Abu Dhabi Investment Authority">Abu Dhabi Investment Authority</a> would be second after China. Apart from high foreign exchange reserves, Singapore also has significant government and sovereign wealth funds including <a href="/wiki/Temasek_Holdings" class="mw-redirect" title="Temasek Holdings">Temasek Holdings</a> (last valued at US$375 billion) and <a href="/wiki/GIC_(sovereign_wealth_fund)" title="GIC (sovereign wealth fund)">GIC</a> (last valued at US$440 billion).<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>ECN is a unique electronic communication network that links different participants of the Forex market: banks, centralized exchanges, other brokers and companies and private investors. </p> <div class="mw-heading mw-heading2"><h2 id="List_of_countries_by_foreign-exchange_reserves">List of countries by foreign-exchange reserves</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=16" title="Edit section: List of countries by foreign-exchange reserves"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/List_of_countries_by_foreign-exchange_reserves" title="List of countries by foreign-exchange reserves">List of countries by foreign-exchange reserves</a></div> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=17" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1266661725">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></span></li></ul> <ul><li><a href="/wiki/Balance_of_payments" title="Balance of payments">Balance of payments</a></li> <li><a href="/wiki/Endaka" title="Endaka">Endaka</a></li> <li><a href="/wiki/Foreign-exchange_reserves_of_China" title="Foreign-exchange reserves of China">Foreign-exchange reserves of China</a></li> <li><a href="/wiki/Foreign-exchange_reserves_of_India" title="Foreign-exchange reserves of India">Foreign-exchange reserves of India</a></li> <li><a href="/wiki/International_Reserves_of_the_Russian_Federation" title="International Reserves of the Russian Federation">International Reserves of the Russian Federation</a></li> <li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange market</a></li> <li><a href="/wiki/Global_assets_under_management" title="Global assets under management">Global assets under management</a></li> <li><a href="/wiki/List_of_countries_by_foreign-exchange_reserves" title="List of countries by foreign-exchange reserves">List of countries by foreign-exchange reserves</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=18" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-IMF-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-IMF_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://data.imf.org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4">"IMF Data - Currency Composition of Official Foreign Exchange Reserve - At a Glance"</a>. International Monetary Fund<span class="reference-accessdate">. Retrieved <span class="nowrap">28 June</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=IMF+Data+-+Currency+Composition+of+Official+Foreign+Exchange+Reserve+-+At+a+Glance&rft.pub=International+Monetary+Fund&rft_id=http%3A%2F%2Fdata.imf.org%2F%3Fsk%3DE6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.imf.org/external/np/sta/cofer/eng/glossary.htm#fer">"IMF Data"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20141008044105/http://www.imf.org/external/np/sta/cofer/eng/glossary.htm#fer">Archived</a> from the original on 8 October 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">11 June</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=IMF+Data&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fnp%2Fsta%2Fcofer%2Feng%2Fglossary.htm%23fer&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/bop/2007/pdf/chap7.pdf">"International Monetary Fund (IMF). Balance of payments manual. International Monetary Fund, 2010"</a> <span class="cs1-format">(PDF)</span>. <i>imf.org</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180411102416/https://www.imf.org/external/pubs/ft/bop/2007/pdf/chap7.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 11 April 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">16 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=imf.org&rft.atitle=International+Monetary+Fund+%28IMF%29.+Balance+of+payments+manual.+International+Monetary+Fund%2C+2010&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Fbop%2F2007%2Fpdf%2Fchap7.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"> <a rel="nofollow" class="external text" href="https://www.imf.org/external/pubs/ft/ferm/guidelines/2004/081604.pdf">GUIDELINES FOR FOREIGN EXCHANGE RESERVE MANAGEMENT</a> by the Staff of the International Monetary Fund </span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://mpra.ub.uni-muenchen.de/14350/1/MPRA_paper_14350.pdf">"Compositional Analysis Of Foreign Currency Reserves In The 1999–2007 Period. The Euro Vs. The Dollar As Leading Reserve Currency"</a> <span class="cs1-format">(PDF)</span>. <i>uni-muenchen.de</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171010150821/https://mpra.ub.uni-muenchen.de/14350/1/MPRA_paper_14350.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 10 October 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">16 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=uni-muenchen.de&rft.atitle=Compositional+Analysis+Of+Foreign+Currency+Reserves+In+The+1999%E2%80%932007+Period.+The+Euro+Vs.+The+Dollar+As+Leading+Reserve+Currency&rft_id=http%3A%2F%2Fmpra.ub.uni-muenchen.de%2F14350%2F1%2FMPRA_paper_14350.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.interfluidity.com/files/friedman-flexible-exchange.html">"Quotes from "The Case for Flexible Exchange Rates" by Milton Friedman"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150529091624/http://www.interfluidity.com/files/friedman-flexible-exchange.html">Archived</a> from the original on 29 May 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">11 June</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Quotes+from+%22The+Case+for+Flexible+Exchange+Rates%22+by+Milton+Friedman&rft_id=http%3A%2F%2Fwww.interfluidity.com%2Ffiles%2Ffriedman-flexible-exchange.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span></span> </li> <li id="cite_note-Rodrik-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-Rodrik_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Rodrik_7-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Rodrik, Dani. "The social cost of foreign exchange reserves." <i>International Economic Journal</i> 20.3 (2006): 253-266.</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/scr/2013/cr1335.pdf">"Archived copy"</a> <span class="cs1-format">(PDF)</span>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130908080449/http://www.imf.org/external/pubs/ft/scr/2013/cr1335.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 8 September 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">15 February</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Archived+copy&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Fscr%2F2013%2Fcr1335.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: CS1 maint: archived copy as title (<a href="/wiki/Category:CS1_maint:_archived_copy_as_title" title="Category:CS1 maint: archived copy as title">link</a>)</span> Colombia2013 Article IV Consultation</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text">Bastourre, Diego, Jorge Carrera, and Javier Ibarlucia. "What is driving reserve accumulation? A dynamic panel data approach." <i>Review of International Economics</i> 17.4 (2009): 861–877.</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.imf.org/external/np/cm/2009/042409.htm">"Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development: Communiqué"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150316022618/http://www.imf.org/external/np/cm/2009/042409.htm">Archived</a> from the original on 16 March 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">11 June</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Intergovernmental+Group+of+Twenty-Four+on+International+Monetary+Affairs+and+Development%3A+Communiqu%C3%A9&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fnp%2Fcm%2F2009%2F042409.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.voxeu.org/article/proposal-new-imf-role-swf-manager?quicktabs_tabbed_recent_articles_block=1">Proposal for a new IMF role: SWF manager | vox</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20141106093127/http://www.voxeu.org/article/proposal-new-imf-role-swf-manager?quicktabs_tabbed_recent_articles_block=1">Archived</a> 6 November 2014 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Voxeu.org. <span class="reference-accessdate">Retrieved 18 July 2013<span style="font-size: 90%; color: #555"></span>.</span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/scr/2009/cr09262.pdf">"Republic of Korea: 2009 Article IV Consultation—"</a> <span class="cs1-format">(PDF)</span>. <i>imf.org</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150924053923/http://www.imf.org/external/pubs/ft/scr/2009/cr09262.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 24 September 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">16 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=imf.org&rft.atitle=Republic+of+Korea%3A+2009+Article+IV+Consultation%E2%80%94&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Fscr%2F2009%2Fcr09262.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">Jeanne, Olivier. "Capital Account Policies and the Real Exchange Rate." No. w18404. <i>National Bureau of Economic Research</i>, 2012.</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">Korinek, Anton, and Luis Serven. "Undervaluation through foreign reserve accumulation: static losses, dynamic gains." <i>World Bank Policy Research Working Paper Series, Vol (2010)</i>.</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.snb.ch/en/mmr/reference/pre_20110303/source/pre_20110303.en.pdf">"Annual result of the Swiss National Bank for 2010"</a> <span class="cs1-format">(PDF)</span>. <i>snb.ch</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180412212440/https://www.snb.ch/en/mmr/reference/pre_20110303/source/pre_20110303.en.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 12 April 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">16 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=snb.ch&rft.atitle=Annual+result+of+the+Swiss+National+Bank+for+2010&rft_id=http%3A%2F%2Fwww.snb.ch%2Fen%2Fmmr%2Freference%2Fpre_20110303%2Fsource%2Fpre_20110303.en.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">GA Calvo, R Dornbusch, M Obstfeld - <a rel="nofollow" class="external text" href="https://books.google.com/books?id=SXP4cbpOGQsC&dq=1880+foreign+exchange&pg=PA112">Money, Capital Mobility, and Trade: Essays in Honor of Robert A. Mundell</a> MIT Press, 1 March 2004 <span class="reference-accessdate">Retrieved 27 July 2012<span style="font-size: 90%; color: #555"></span>.</span> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0262532603" title="Special:BookSources/0262532603">0262532603</a></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text">S Shamah - <a rel="nofollow" class="external text" href="https://books.google.com/books?id=2xwPXhbXDO4C&q=foreign+exchange">A Foreign Exchange Primer</a> ["1880" is within 1.2 Value Terms] John Wiley & Sons, 22 November 2011<span class="reference-accessdate">Retrieved 27 July 2102<span style="font-size: 90%; color: #555"></span>.</span> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1119994896" title="Special:BookSources/1119994896">1119994896</a></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.cato.org/doc-download/sites/cato.org/files/serials/files/cato-journal/1999/1/cj18n3-7.pdf">"Bordo, Michael D. International Rescues versus Bailouts: A Historical Perspective"</a> <span class="cs1-format">(PDF)</span>. <i>cato.org</i><span class="reference-accessdate">. Retrieved <span class="nowrap">16 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=cato.org&rft.atitle=Bordo%2C+Michael+D.+International+Rescues+versus+Bailouts%3A+A+Historical+Perspective&rft_id=http%3A%2F%2Fwww.cato.org%2Fdoc-download%2Fsites%2Fcato.org%2Ffiles%2Fserials%2Ffiles%2Fcato-journal%2F1999%2F1%2Fcj18n3-7.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span></span> </li> <li id="cite_note-bis-19"><span class="mw-cite-backlink">^ <a href="#cite_ref-bis_19-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-bis_19-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.bis.org/publ/bppdf/bispap15h.pdf">"Archived copy"</a> <span class="cs1-format">(PDF)</span>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161006082630/http://www.bis.org/publ/bppdf/bispap15h.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 6 October 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">10 February</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Archived+copy&rft_id=http%3A%2F%2Fwww.bis.org%2Fpubl%2Fbppdf%2Fbispap15h.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: CS1 maint: archived copy as title (<a href="/wiki/Category:CS1_maint:_archived_copy_as_title" title="Category:CS1 maint: archived copy as title">link</a>)</span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWebber2016" class="citation news cs1">Webber, Jude (7 January 2016). <a rel="nofollow" class="external text" href="https://www.ft.com/cms/s/0/e729c1f0-b57c-11e5-aad2-3e9865bc6644.html">"Mexico warns of China triggering 'perverse' currency wars"</a>. <i>Financial Times</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160515053326/http://www.ft.com/cms/s/0/e729c1f0-b57c-11e5-aad2-3e9865bc6644.html">Archived</a> from the original on 15 May 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">16 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=Mexico+warns+of+China+triggering+%27perverse%27+currency+wars&rft.date=2016-01-07&rft.aulast=Webber&rft.aufirst=Jude&rft_id=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fe729c1f0-b57c-11e5-aad2-3e9865bc6644.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.imf.org/external/np/pp/eng/2011/021411b.pdf">"Assessing Reserve Adequacy, IMF Policy Paper July 14, 2011"</a> <span class="cs1-format">(PDF)</span>. <i>imf.org</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170722101528/http://www.imf.org/external/np/pp/eng/2011/021411b.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 22 July 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">16 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=imf.org&rft.atitle=Assessing+Reserve+Adequacy%2C+IMF+Policy+Paper+July+14%2C+2011&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fnp%2Fpp%2Feng%2F2011%2F021411b.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.swfinstitute.org/fund-rankings">"Sovereign Wealth Fund Rankings - Sovereign Wealth Fund Institute"</a>. <i>Sovereign Wealth Fund Institute</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150621233446/http://www.swfinstitute.org/fund-rankings/">Archived</a> from the original on 21 June 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">11 June</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=Sovereign+Wealth+Fund+Rankings+-+Sovereign+Wealth+Fund+Institute&rft_id=http%3A%2F%2Fwww.swfinstitute.org%2Ffund-rankings&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+reserves" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=19" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-External_links plainlinks metadata ambox ambox-style ambox-external_links" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/40px-Edit-clear.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/60px-Edit-clear.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/80px-Edit-clear.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article's <b>use of <a href="/wiki/Wikipedia:External_links" title="Wikipedia:External links">external links</a> may not follow Wikipedia's policies or guidelines</b>.<span class="hide-when-compact"> Please <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Foreign_exchange_reserves&action=edit">improve this article</a> by removing <a href="/wiki/Wikipedia:What_Wikipedia_is_not#Wikipedia_is_not_a_mirror_or_a_repository_of_links,_images,_or_media_files" title="Wikipedia:What Wikipedia is not">excessive</a> or <a href="/wiki/Wikipedia:External_links" title="Wikipedia:External links">inappropriate</a> external links, and converting useful links where appropriate into <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">footnote references</a>.</span> <span class="date-container"><i>(<span class="date">September 2016</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Articles">Articles</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=20" title="Edit section: Articles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/ferm/guidelines/2004/081604.pdf">Guidelines for foreign exchange reserve management</a> <a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/ferm/guidelines/2005/part1.pdf">Accompanying Document 1</a> <a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/ferm/guidelines/2005/part2.pdf">Document 2</a> <a rel="nofollow" class="external text" href="http://www.imf.org/external/np/mae/ferm/2003/eng/app.pdf">Appendix</a></li> <li>"<i><a rel="nofollow" class="external text" href="https://web.archive.org/web/20110215111003/http://au.ibtimes.com/articles/110821/20110210/what-is-foreign-exchange-currency-conversion-financial-markets-forex-foreign-exchange-markets.htm">What is Foreign Exchange?</a></i>" published by the <a rel="nofollow" class="external text" href="http://au.ibtimes.com/forex">International Business Times AU</a> on 11 February 2011</li> <li><a rel="nofollow" class="external text" href="http://www.bankofengland.co.uk/education/CCBS/handbooks/pdf/ccbshb19.pdf">A primer on exchange reserves</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090326235718/http://www.bankofengland.co.uk/education/ccbs/handbooks/pdf/ccbshb19.pdf">Archived</a> 26 March 2009 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></li> <li><a rel="nofollow" class="external text" href="http://www.bank-banque-canada.ca/en/res/wp/2005/wp05-38.pdf">An empirical analysis of foreign exchange reserves in emerging Asia – December 2005</a></li> <li><a rel="nofollow" class="external text" href="http://www.asiandevbank.org/Documents/ERD/Working_Papers/WP061.pdf">Foreign exchange reserves: issues in asia – January 2005</a></li> <li><a rel="nofollow" class="external text" href="http://www.frbsf.org/publications/economics/letter/2003/el2003-11.pdf">Foreign exchange reserves in east asia: why the high demand? – 25 April 2003</a></li> <li><a rel="nofollow" class="external text" href="http://www.ecb.int/pub/pdf/scpwps/ecbwp694.pdf">Optimal currency shares in international reserves</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080312052922/http://www.treas.gov/offices/international-affairs/occasional-paper-series/docs/reserves.pdf">Are high foreign exchange reserves in emerging markets a blessing or a burden?</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20070614193721/http://www.treasury.gov/offices/international-affairs/economic-exchange-rates/pdf/2006_Appendix-3.pdf">The adequacy of foreign exchange reserves</a></li> <li><a rel="nofollow" class="external text" href="http://research.stlouisfed.org/publications/review/00/09/0009cn.pdf">Are changes in foreign exchange reserves well correlated with official intervention?</a></li> <li><a rel="nofollow" class="external text" href="https://www.un.org/esa/ffd/events/2007debtworkshop/Wyploz.pdf">Foreign exchange reserves buildup: business as usual</a></li> <li><a rel="nofollow" class="external text" href="http://mpra.ub.uni-muenchen.de/14350/1/MPRA_paper_14350.pdf">Compositional Analysis Of Foreign Currency Reserves In The 1999–2007 Period. The Euro Vs. The Dollar As Leading Reserve Currency</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Speeches">Speeches</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=21" title="Edit section: Speeches"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.bis.org/review/r020510f.pdf">Y V Reddy: India's foreign exchange reserves – policy, status and issues – 10 May 2002</a></li> <li><a rel="nofollow" class="external text" href="http://www.bis.org/review/r060123c.pdf">Marion Williams: foreign exchange reserves – how much is enough? – 2 November 2005</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080509102421/http://www.president.harvard.edu/speeches/2006/0324_rbi.html">Lawrence H. Summers: Reflections on global account imbalances and emerging markets reserve accumulation – 24 March 2006</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Books">Books</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreign_exchange_reserves&action=edit&section=22" title="Edit section: Books"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Eichengreen, Barry. Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System. Oxford University Press, USA, 2011.</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="International_trade511" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:International_trade" title="Template:International trade"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:International_trade" title="Template talk:International trade"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:International_trade" title="Special:EditPage/Template:International trade"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="International_trade511" style="font-size:114%;margin:0 4em"><a href="/wiki/International_trade" title="International trade">International trade</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terminology</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Absolute_advantage" title="Absolute advantage">Absolute advantage</a></li> <li><a href="/wiki/Balance_of_payments" title="Balance of payments">Balance of payments</a></li> <li><a href="/wiki/Balance_of_trade" title="Balance of trade">Balance of trade</a></li> <li><a href="/wiki/Capital_account" title="Capital account">Capital account</a></li> <li><a href="/wiki/Comparative_advantage" title="Comparative advantage">Comparative advantage</a></li> <li><a href="/wiki/Current_account_(balance_of_payments)" title="Current account (balance of payments)">Current account</a></li> <li><a href="/wiki/Export-oriented_industrialization" title="Export-oriented industrialization">Export-oriented industrialization</a></li> <li><a href="/wiki/Fair_trade" title="Fair trade">Fair trade</a></li> <li><a class="mw-selflink selflink">Foreign exchange reserves</a></li> <li><a href="/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a href="/wiki/Import_substitution_industrialization" title="Import substitution industrialization">Import substitution industrialization</a></li> <li><a href="/wiki/Net_capital_outflow" title="Net capital outflow">Net capital outflow</a></li> <li><a href="/wiki/Outsourcing" title="Outsourcing">Outsourcing</a></li> <li><a href="/wiki/Tariff" title="Tariff">Tariff</a></li> <li><a href="/wiki/Trade_justice" title="Trade justice">Trade justice</a></li> <li><a href="/wiki/Trade_war" title="Trade war">Trade war</a></li> <li><a href="/wiki/Trading_nation" title="Trading nation">Trading nation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Organizations<br />and policies</div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a></li> <li><a href="/wiki/United_Nations_Conference_on_Trade_and_Development" class="mw-redirect" title="United Nations Conference on Trade and Development">UN Conference on Trade and Development</a></li> <li><a href="/wiki/World_Bank_Group" title="World Bank Group">World Bank Group</a></li> <li><a href="/wiki/World_Trade_Organization" title="World Trade Organization">World Trade Organization</a> <ul><li><a href="/wiki/International_Trade_Centre" title="International Trade Centre">International Trade Centre</a></li></ul></li> <li><a href="/wiki/International_Chamber_of_Commerce" title="International Chamber of Commerce">International Chamber of Commerce</a></li> <li><a href="/wiki/Bilateral_investment_treaty" title="Bilateral investment treaty">Bilateral investment treaty</a></li> <li><a href="/wiki/Economic_integration" title="Economic integration">Economic integration</a></li> <li><a href="/wiki/Incoterms" title="Incoterms">Incoterms</a></li> <li><a href="/wiki/ATA_Carnet" title="ATA Carnet">ATA Carnet</a></li> <li><a href="/wiki/Free-trade_zone" title="Free-trade zone">Free-trade zone</a></li> <li><a href="/wiki/Special_economic_zone" title="Special economic zone">Special economic zone</a></li> <li><a href="/wiki/Trade_agreement" title="Trade agreement">Trade agreement</a></li> <li><a href="/wiki/Trade_barrier" title="Trade barrier">Trade barrier</a></li> <li><a href="/wiki/Trade_bloc" title="Trade bloc">Trade bloc</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Political_economy" title="Political economy">Political economy</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Free_trade" title="Free trade">Free trade</a> (<a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>, <i><a href="/wiki/The_Wealth_of_Nations" title="The Wealth of Nations">The Wealth of Nations</a></i>, <a href="/wiki/Repeal_of_the_Corn_Laws" class="mw-redirect" title="Repeal of the Corn Laws">Repeal of the Corn Laws</a>)</li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Protectionism" title="Protectionism">Protectionism</a> (<a href="/wiki/Economic_nationalism" title="Economic nationalism">Economic nationalism</a>, <a href="/wiki/Autarky" title="Autarky">Autarky</a>)</li> <li><a href="/wiki/Dedollarisation" title="Dedollarisation">Dedollarisation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Regional_organization" title="Regional organization">Regional organizations</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Americas</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Andean_Community_of_Nations" class="mw-redirect" title="Andean Community of Nations">Andean Community of Nations</a></li> <li><a href="/wiki/Caribbean_Community" title="Caribbean Community">Caribbean Community</a></li> <li><a href="/wiki/Central_American_Integration_System" title="Central American Integration System">Central American Integration System</a></li> <li><a href="/wiki/Mercosur" title="Mercosur">Mercosur</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Asia-Pacific</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Association_of_Southeast_Asian_Nations" class="mw-redirect" title="Association of Southeast Asian Nations">Association of Southeast Asian Nations</a></li> <li><a href="/wiki/Regional_Comprehensive_Economic_Partnership" title="Regional Comprehensive Economic Partnership">Regional Comprehensive Economic Partnership</a></li> <li><a href="/wiki/South_Asian_Association_for_Regional_Cooperation" title="South Asian Association for Regional Cooperation">South Asian Association for Regional Cooperation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Europe, Central Asia, and North Asia</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Customs_Union_of_Belarus,_Kazakhstan,_and_Russia" class="mw-redirect" title="Customs Union of Belarus, Kazakhstan, and Russia">Customs Union of Belarus, Kazakhstan, and Russia</a></li> <li><a href="/wiki/Eurasian_Economic_Union" title="Eurasian Economic Union">Eurasian Economic Union</a></li> <li><a href="/wiki/European_Union_Customs_Union" title="European Union Customs Union">European Union Customs Union</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Middle East and North Africa</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arab_Customs_Union" title="Arab Customs Union">Arab Customs Union</a></li> <li><a href="/wiki/Cooperation_Council_for_the_Arab_States_of_the_Gulf" class="mw-redirect" title="Cooperation Council for the Arab States of the Gulf">Cooperation Council for the Arab States of the Gulf</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Subsaharan Africa</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/East_African_Community" title="East African Community">East African Community</a></li> <li><a href="/wiki/Economic_and_Monetary_Community_of_Central_Africa" class="mw-redirect" title="Economic and Monetary Community of Central Africa">Economic and Monetary Community of Central Africa</a></li> <li><a href="/wiki/Southern_African_Customs_Union" title="Southern African Customs Union">Southern African Customs Union</a></li> <li><a href="/wiki/West_African_Economic_and_Monetary_Union" title="West African Economic and Monetary Union">West African Economic and Monetary Union</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_top_exporting_countries_by_product_category" title="List of top exporting countries by product category">Exports by product</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_countries_by_aircraft_and_spacecraft_exports" title="List of countries by aircraft and spacecraft exports">Aircraft & Spacecraft</a></li> <li><a href="/wiki/List_of_countries_by_aircraft_component_exports" title="List of countries by aircraft component exports">Aircraft parts</a></li> <li><a href="/wiki/List_of_countries_by_aluminium_exports" title="List of countries by aluminium exports">Aluminium</a></li> <li><a href="/wiki/List_of_countries_by_automotive_component_exports" title="List of countries by automotive component exports">Car parts</a></li> <li><a href="/wiki/Coal#Major_exporters" title="Coal">Coal</a></li> <li><a href="/wiki/List_of_countries_by_coffee_exports" title="List of countries by coffee exports">Coffee</a></li> <li><a href="/wiki/List_of_countries_by_computer_exports" title="List of countries by computer exports">Computers</a></li> <li><a href="/wiki/List_of_countries_by_copper_exports" title="List of countries by copper exports">Copper</a></li> <li><a href="/wiki/List_of_countries_by_maize_exports" title="List of countries by maize exports">Corn</a></li> <li><a href="/wiki/List_of_countries_by_cotton_exports" class="mw-redirect" title="List of countries by cotton exports">Cotton</a></li> <li><a href="/wiki/List_of_countries_by_diamond_exports" title="List of countries by diamond exports">Diamonds</a></li> <li><a href="/wiki/List_of_countries_by_electricity_exports" class="mw-redirect" title="List of countries by electricity exports">Electricity</a></li> <li><a href="/wiki/List_of_countries_by_electronics_exports" title="List of countries by electronics exports">Electronics</a></li> <li><a href="/wiki/List_of_countries_by_engine_exports" title="List of countries by engine exports">Engines</a></li> <li><a href="/wiki/List_of_countries_by_gas_turbine_exports" title="List of countries by gas turbine exports">Gas turbines</a></li> <li><a href="/wiki/List_of_countries_by_gold_exports" title="List of countries by gold exports">Gold</a></li> <li><a href="/wiki/List_of_countries_by_integrated_circuit_exports" title="List of countries by integrated circuit exports">Integrated circuits</a></li> <li><a href="/wiki/Iron-ore_exports_by_country" class="mw-redirect" title="Iron-ore exports by country">Iron ore</a></li> <li><a href="/wiki/List_of_countries_by_live_animal_exports" title="List of countries by live animal exports">Live animals</a></li> <li><a href="/wiki/List_of_countries_by_natural_gas_exports" title="List of countries by natural gas exports">Natural gas</a></li> <li><a href="/wiki/List_of_countries_by_oil_exports" title="List of countries by oil exports">Oil</a></li> <li><a href="/wiki/List_of_countries_by_refined_petroleum_exports" title="List of countries by refined petroleum exports">Petrol</a></li> <li><a href="/wiki/List_of_countries_by_pharmaceutical_exports" title="List of countries by pharmaceutical exports">Pharmaceuticals</a></li> <li><a href="/wiki/List_of_countries_by_photovoltaics_exports" title="List of countries by photovoltaics exports">Photovoltaics</a></li> <li><a href="/wiki/List_of_countries_by_ship_exports" title="List of countries by ship exports">Ships</a></li> <li><a href="/wiki/List_of_countries_by_steel_production#Exports" title="List of countries by steel production">Steel</a></li> <li><a href="/wiki/List_of_countries_by_telecommunications_equipment_exports" title="List of countries by telecommunications equipment exports">Telecommunications equipment</a></li> <li><a href="/wiki/List_of_countries_by_telephone_exports" title="List of countries by telephone exports">Telephones</a></li> <li><a href="/wiki/List_of_countries_by_textile_exports" title="List of countries by textile exports">Textiles</a></li> <li><a href="/wiki/List_of_countries_by_truck_exports" title="List of countries by truck exports">Trucks</a></li> <li><a href="/wiki/List_of_countries_by_vehicle_exports" title="List of countries by vehicle exports">Vehicles</a></li> <li><a href="/wiki/List_of_countries_by_wheat_exports" title="List of countries by wheat exports">Wheat</a></li> <li><a href="/wiki/Wine#Exporting_countries" title="Wine">Wine</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="font-weight:bold;"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:International_trade" title="Category:International trade">Category</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span> <a href="https://commons.wikimedia.org/wiki/Category:International_trade" class="extiw" title="commons:Category:International trade">Commons</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q317617#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata881" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q317617#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata881" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q317617#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/4188827-3">Germany</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.ndl.go.jp/auth/ndlna/00562103">Japan</a></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="devizové rezervy"><a rel="nofollow" class="external text" href="https://aleph.nkp.cz/F/?func=find-c&local_base=aut&ccl_term=ica=ph441061&CON_LNG=ENG">Czech Republic</a></span></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="http://esu.com.ua/search_articles.php?id=33054">Encyclopedia of Modern Ukraine</a></span></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Foreign_exchange_reserves&oldid=1259090243">https://en.wikipedia.org/w/index.php?title=Foreign_exchange_reserves&oldid=1259090243</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Foreign_exchange_market" title="Category:Foreign exchange market">Foreign exchange market</a></li><li><a href="/wiki/Category:Foreign_exchange_reserves" title="Category:Foreign exchange reserves">Foreign exchange reserves</a></li><li><a href="/wiki/Category:International_macroeconomics" title="Category:International macroeconomics">International macroeconomics</a></li><li><a href="/wiki/Category:Macroeconomic_indicators" title="Category:Macroeconomic indicators">Macroeconomic indicators</a></li><li><a href="/wiki/Category:Government_finances" title="Category:Government finances">Government finances</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:CS1_maint:_archived_copy_as_title" title="Category:CS1 maint: archived copy as title">CS1 maint: archived copy as title</a></li><li><a href="/wiki/Category:Webarchive_template_wayback_links" title="Category:Webarchive template wayback links">Webarchive template wayback links</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_matches_Wikidata" title="Category:Short description matches Wikidata">Short description matches Wikidata</a></li><li><a href="/wiki/Category:Use_dmy_dates_from_October_2015" title="Category:Use dmy dates from October 2015">Use dmy dates from October 2015</a></li><li><a href="/wiki/Category:All_articles_with_unsourced_statements" title="Category:All articles with unsourced statements">All articles with unsourced statements</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_November_2024" title="Category:Articles with unsourced statements from November 2024">Articles with unsourced statements from November 2024</a></li><li><a href="/wiki/Category:Articles_needing_additional_references_from_July_2014" title="Category:Articles needing additional references from July 2014">Articles needing additional references from July 2014</a></li><li><a href="/wiki/Category:All_articles_needing_additional_references" title="Category:All articles needing additional references">All articles needing additional references</a></li><li><a href="/wiki/Category:Articles_needing_additional_references_from_March_2016" title="Category:Articles needing additional references from March 2016">Articles needing additional references from March 2016</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_March_2019" title="Category:Articles with unsourced statements from March 2019">Articles with unsourced statements from March 2019</a></li><li><a href="/wiki/Category:Wikipedia_external_links_cleanup_from_September_2016" title="Category:Wikipedia external links cleanup from September 2016">Wikipedia external links cleanup from September 2016</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 23 November 2024, at 08:37<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. By using this site, you agree to the <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Terms_of_Use" class="extiw" title="foundation:Special:MyLanguage/Policy:Terms of Use">Terms of Use</a> and <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy" class="extiw" title="foundation:Special:MyLanguage/Policy:Privacy policy">Privacy Policy</a>. Wikipedia® is a registered trademark of the <a rel="nofollow" class="external text" href="https://wikimediafoundation.org/">Wikimedia Foundation, Inc.</a>, a non-profit organization.</li> </ul> <ul id="footer-places"> <li id="footer-places-privacy"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy">Privacy policy</a></li> <li id="footer-places-about"><a href="/wiki/Wikipedia:About">About Wikipedia</a></li> <li id="footer-places-disclaimers"><a href="/wiki/Wikipedia:General_disclaimer">Disclaimers</a></li> <li id="footer-places-contact"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us">Contact Wikipedia</a></li> <li id="footer-places-wm-codeofconduct"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Universal_Code_of_Conduct">Code of Conduct</a></li> <li id="footer-places-developers"><a href="https://developer.wikimedia.org">Developers</a></li> <li id="footer-places-statslink"><a href="https://stats.wikimedia.org/#/en.wikipedia.org">Statistics</a></li> <li id="footer-places-cookiestatement"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Cookie_statement">Cookie statement</a></li> <li id="footer-places-mobileview"><a href="//en.m.wikipedia.org/w/index.php?title=Foreign_exchange_reserves&mobileaction=toggle_view_mobile" class="noprint stopMobileRedirectToggle">Mobile view</a></li> </ul> <ul id="footer-icons" class="noprint"> <li id="footer-copyrightico"><a href="https://wikimediafoundation.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/static/images/footer/wikimedia-button.svg" width="84" height="29" alt="Wikimedia Foundation" lang="en" loading="lazy"></a></li> <li id="footer-poweredbyico"><a href="https://www.mediawiki.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><picture><source media="(min-width: 500px)" srcset="/w/resources/assets/poweredby_mediawiki.svg" width="88" height="31"><img src="/w/resources/assets/mediawiki_compact.svg" alt="Powered by MediaWiki" width="25" height="25" loading="lazy"></picture></a></li> </ul> </footer> </div> </div> </div> <div class="vector-header-container vector-sticky-header-container"> <div id="vector-sticky-header" class="vector-sticky-header"> <div class="vector-sticky-header-start"> <div class="vector-sticky-header-icon-start vector-button-flush-left vector-button-flush-right" aria-hidden="true"> <button class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-sticky-header-search-toggle" tabindex="-1" data-event-name="ui.vector-sticky-search-form.icon"><span class="vector-icon mw-ui-icon-search mw-ui-icon-wikimedia-search"></span> <span>Search</span> </button> </div> <div role="search" class="vector-search-box-vue vector-search-box-show-thumbnail vector-search-box"> <div class="vector-typeahead-search-container"> <div class="cdx-typeahead-search cdx-typeahead-search--show-thumbnail"> <form action="/w/index.php" id="vector-sticky-search-form" class="cdx-search-input cdx-search-input--has-end-button"> <div class="cdx-search-input__input-wrapper" data-search-loc="header-moved"> <div class="cdx-text-input cdx-text-input--has-start-icon"> <input class="cdx-text-input__input" type="search" name="search" placeholder="Search Wikipedia"> <span class="cdx-text-input__icon cdx-text-input__start-icon"></span> </div> <input type="hidden" name="title" value="Special:Search"> </div> <button class="cdx-button cdx-search-input__end-button">Search</button> </form> </div> </div> </div> <div class="vector-sticky-header-context-bar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-sticky-header-toc" class="vector-dropdown mw-portlet mw-portlet-sticky-header-toc vector-sticky-header-toc vector-button-flush-left" > <input type="checkbox" id="vector-sticky-header-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-sticky-header-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-sticky-header-toc-label" for="vector-sticky-header-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-sticky-header-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <div class="vector-sticky-header-context-bar-primary" aria-hidden="true" ><span class="mw-page-title-main">Foreign exchange reserves</span></div> </div> </div> <div class="vector-sticky-header-end" aria-hidden="true"> <div class="vector-sticky-header-icons"> <a href="#" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only" id="ca-talk-sticky-header" tabindex="-1" data-event-name="talk-sticky-header"><span class="vector-icon mw-ui-icon-speechBubbles mw-ui-icon-wikimedia-speechBubbles"></span> <span></span> </a> <a href="#" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only" id="ca-subject-sticky-header" tabindex="-1" data-event-name="subject-sticky-header"><span class="vector-icon mw-ui-icon-article mw-ui-icon-wikimedia-article"></span> <span></span> </a> <a href="#" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only" id="ca-history-sticky-header" tabindex="-1" data-event-name="history-sticky-header"><span class="vector-icon mw-ui-icon-wikimedia-history mw-ui-icon-wikimedia-wikimedia-history"></span> <span></span> </a> <a href="#" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only mw-watchlink" id="ca-watchstar-sticky-header" tabindex="-1" data-event-name="watch-sticky-header"><span class="vector-icon mw-ui-icon-wikimedia-star mw-ui-icon-wikimedia-wikimedia-star"></span> <span></span> </a> <a href="#" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only" id="ca-edit-sticky-header" tabindex="-1" data-event-name="wikitext-edit-sticky-header"><span class="vector-icon mw-ui-icon-wikimedia-wikiText mw-ui-icon-wikimedia-wikimedia-wikiText"></span> <span></span> </a> <a href="#" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only" id="ca-ve-edit-sticky-header" tabindex="-1" data-event-name="ve-edit-sticky-header"><span class="vector-icon mw-ui-icon-wikimedia-edit mw-ui-icon-wikimedia-wikimedia-edit"></span> <span></span> </a> <a href="#" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only" id="ca-viewsource-sticky-header" tabindex="-1" data-event-name="ve-edit-protected-sticky-header"><span class="vector-icon mw-ui-icon-wikimedia-editLock mw-ui-icon-wikimedia-wikimedia-editLock"></span> <span></span> </a> </div> <div class="vector-sticky-header-buttons"> <button class="cdx-button cdx-button--weight-quiet mw-interlanguage-selector" id="p-lang-btn-sticky-header" tabindex="-1" data-event-name="ui.dropdown-p-lang-btn-sticky-header"><span class="vector-icon mw-ui-icon-wikimedia-language mw-ui-icon-wikimedia-wikimedia-language"></span> <span>45 languages</span> </button> <a href="#" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive" id="ca-addsection-sticky-header" tabindex="-1" data-event-name="addsection-sticky-header"><span class="vector-icon mw-ui-icon-speechBubbleAdd-progressive mw-ui-icon-wikimedia-speechBubbleAdd-progressive"></span> <span>Add topic</span> </a> </div> <div class="vector-sticky-header-icon-end"> <div class="vector-user-links"> </div> </div> </div> </div> </div> <div class="vector-settings" id="p-dock-bottom"> <ul></ul> </div><script>(RLQ=window.RLQ||[]).push(function(){mw.config.set({"wgHostname":"mw-web.codfw.main-b766959bd-g4jf6","wgBackendResponseTime":119,"wgPageParseReport":{"limitreport":{"cputime":"0.514","walltime":"0.631","ppvisitednodes":{"value":2987,"limit":1000000},"postexpandincludesize":{"value":92734,"limit":2097152},"templateargumentsize":{"value":3657,"limit":2097152},"expansiondepth":{"value":16,"limit":100},"expensivefunctioncount":{"value":9,"limit":500},"unstrip-depth":{"value":1,"limit":20},"unstrip-size":{"value":88303,"limit":5000000},"entityaccesscount":{"value":1,"limit":400},"timingprofile":["100.00% 542.059 1 -total"," 30.06% 162.968 1 Template:Reflist"," 19.51% 105.766 13 Template:Cite_web"," 17.10% 92.708 1 Template:Foreign_Exchange"," 16.64% 90.214 1 Template:Sidebar"," 12.22% 66.236 1 Template:Short_description"," 11.20% 60.713 3 Template:Citation_needed"," 10.21% 55.346 3 Template:Fix"," 7.61% 41.231 1 Template:Trade"," 7.24% 39.266 2 Template:Navbox"]},"scribunto":{"limitreport-timeusage":{"value":"0.318","limit":"10.000"},"limitreport-memusage":{"value":7403292,"limit":52428800}},"cachereport":{"origin":"mw-web.codfw.main-7878cd4448-9q8b8","timestamp":"20250211195835","ttl":2592000,"transientcontent":false}}});});</script> <script type="application/ld+json">{"@context":"https:\/\/schema.org","@type":"Article","name":"Foreign exchange reserves","url":"https:\/\/en.wikipedia.org\/wiki\/Foreign_exchange_reserves","sameAs":"http:\/\/www.wikidata.org\/entity\/Q317617","mainEntity":"http:\/\/www.wikidata.org\/entity\/Q317617","author":{"@type":"Organization","name":"Contributors to Wikimedia projects"},"publisher":{"@type":"Organization","name":"Wikimedia Foundation, Inc.","logo":{"@type":"ImageObject","url":"https:\/\/www.wikimedia.org\/static\/images\/wmf-hor-googpub.png"}},"datePublished":"2004-09-25T05:51:46Z","dateModified":"2024-11-23T08:37:29Z","headline":"money held by a central bank to pay debts, if needed"}</script> </body> </html>