Top 10 Countries with Highest Foreign Exchange Reserves in 2025: A Deep Dive

The reserves assist Saudi Arabia in maintaining the stability of its currency, the riyal. They also offer an economic buffer when oil prices drop or the nation spends a lot on its economic diversification strategies (such as Vision 2030). Russia’s situation is special due to international sanctions and frozen funds due to geopolitical tensions.

Top 10 Countries With Highest Foreign Exchange Reserves

In 2019, South Korea was the eighth largest exporter and also importer. It is the middle eastern powerhouse that had the world’s top oil exporter until the position was taken over by the UAE with Saudi Arabia still has been counted as 1.54% of the global oil exports in 2019. They are diversifying their reserves into other key currencies such as the euro, Japanese yen, and Chinese yuan, as well as other assets such as gold. The U.S. dollar has been the central banks’ primary reserve currency around the world.

Data by Location

• The country’s total foreign reserves are at $3726 billion thus topping the list in highest Forex reserves.
• These reserves help a country pay for imports, defend its currency, and survive global shocks.
• Italy’s large gold stash reflects post-war economic policies and sustained membership in the eurozone, where it’s considered a last-resort safety net.
• The government has intervened in forex markets on several occasions to support the Brazilian real.
• Japan’s significant reserves are vital for maintaining economic stability and supporting its export-oriented economy.

China has by far the largest foreign currency reserves, with over two and a half times more than the second-largest reserve holder, Japan. To highlight one of the top 10 above, India held $662 billion in foreign currency reserve assets as of November 2024. Its central bank, the Reserve Bank of India, intervenes in the foreign exchange market to stem excess volatility in its domestic currency, the rupee. Here are the 10 countries with the largest foreign currency reserve assets.

• Given Hong Kong’s role as a trading hub, ample reserves remain critical.
• Flags are symbolic representations of states, countries, territories, or organizations.
• As of 2025, a select group of African countries boast the continent’s most substantial foreign reserve holdings.
• At the sixth spot, Taiwan holds $598,819.67 million in total reserves, with $570,595.00 million in forex and $28,224.67 million in gold.
• Switzerland has the highest volatility (standard deviation), followed by Japan and China.

The country also holds Special Drawing Rights (SDRs), an IMF-backed international reserve asset. Japan’s reserve strategy has evolved over time, influenced by a deflationary domestic environment and global economic changes. Although the U.S. dollar remains dominant in Japan’s portfolio, the BOJ has gradually diversified into other currencies, including limited exposure to the Chinese yuan. Japan’s reserves have historically grown due to large trade surpluses, particularly with the U.S. and Asian markets.

India’s Reserves Make It a Global Powerhouse

It has had a significant rise in foreign currency reserves in these years. The country is ready to face any economic jolts and is using the huge reserves as the buffer. Saudi Arabia is an oil-rich country and stands in the third position with immense foreign exchange reserves of about $733.66 billion. Saudi Arabia has said to have gained about 730 billion dollars from oil export only.

Foreign exchange reserves, also called Forex reserves, in a strict sense, are foreign-currency deposits held by nationals and monetary authorities. Before the end of the gold standard, gold was the preferred reserve currency. From the U.S. gold reserve size near 8,133.5 t down to Turkey’s 615 t, these countries with the biggest gold reserves show how bullion remains a cornerstone for sovereign financial systems. Whether it’s Germany repatriating gold, China diversifying away from the dollar, or emerging markets like Poland or Uzbekistan snapping up more, gold underpins currency stability and acts as a crisis hedge. As central banks maintain or expand their gold allocations—driven by IMF gold reserve statistics and each nation’s unique policy—gold’s role in the global monetary landscape endures. Each country’s “gold as share of forex reserves” indicates the proportion of its foreign exchange holdings that is stored in bullion, rather than in currencies like the U.S. dollar or euro.

Holding robust reserves also enables Hong top 10 foreign reserve country Kong to weather capital outflows during periods of market stress or unease over political tensions with China. Given Hong Kong’s role as a trading hub, ample reserves remain critical. Seun is a website developer, a financial market analyst, trader and fund manager For example, nations with more robust reserves fared better during the COVID-19 epidemic and the Russia-Ukraine conflict.

South Korea: $413 Billion

Today, the Banque de France sees gold as a “financial anchor.” Unlike some European neighbors, France has sold only minimal amounts since the 1970s. India’s growth in the last few years, its technological advancements, it’s its sector, and its foreign reserve rates have been applauding able. The Indian economy stands at the tenth number and has the third-largest purchasing parity in the world. It has extreme purchasing parity, and it is the part of biggest exporter’s lot as well.

Russia – 2,335.9 t

Japan ranks second with $1.24 trillion in reserves, a critical asset for managing its export-driven economy. Despite a shrinking population and slow economic growth, Japan maintains one of the largest forex reserves, which supports the yen’s stability and protects against currency market volatility. China leads the world by a wide margin with $3.57 trillion in forex reserves, reflecting its status as the world’s largest exporter and a key player in global manufacturing. These reserves provide China with significant financial leverage and stability, supporting the yuan’s internationalization and reducing reliance on the US dollar. Importantly, forex reserves also include gold holdings, which provide a safe-haven asset during financial crises.

South Korea’s reserves of Rs 40,900 crore are essential in supporting its currency and maintaining economic stability. China is a net exporter of goods, with much of that foreign trade being conducted in U.S. dollars. Chinese companies thus receive U.S. dollars but must convert them into Chinese currency via the banking system. The central bank then uses the dollars to purchase U.S. government securities, which are considered to be among the safest investments on the planet. When China’s and Hong Kong’s reserves are considered together, the total is more than $4 trillion. Asian and Southeast Asian nations dominate foreign currency reserves, accounting for seven of the top 10.

South Korea 🇰🇷

Moreover, a strong Foreign Exchange reserve shows a good financial health of the country, strong liquidity, which means an extra authority for paying external debts, which increases investor confidence. These also influence a strong monetary policy, and fixed rate and the power to intervene in the market in case needed. Some Central Banks use these reserves to invest in highly liquid bonds from high-performing countries like the United States and China. With that said, here are the countries in the world with the highest reserves of foreign exchange and gold, according to Global Firepower.

The U.S. dollar has long been the most important reserve currency in the world. It is used by central banks for their reserves, and by countries for global trade, loans, and investments. However, over the past few years, the dollar’s dominance has been slowly shrinking. Central banks in many countries are starting to diversify their reserves across other major currencies like the euro, yen, or Chinese yuan, and also investing more in gold and other assets. China has the largest foreign exchange reserves in the world in 2025, totally $3.57 trillion. These huge reserves help China control its currency, the yuan (CNY), supports trade and stay strong in global markets.

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