A nation’s economic stability relies heavily on its foreign currency reserves. Inadequate reserves can severely hinder a country’s ability to pay for crucial imports and service external debt. Additionally, insufficient reserves can significantly limit a central bank’s capacity to respond to an economic crisis. In March 2024, China had the largest international reserves in the world, totaling $3.62 trillion, while Japan was the only other country with over a trillion US dollars in reserves, holding a total of $1.33 trillion.
Biggest Foreign Reserves: The following countries have the largest foreign currency reserve assets as of March 2024. It is crucial to note that the table lists China’s and Hong Kong’s reserves separately. China holds the most significant foreign currency reserves, over two and a half times more than Japan’s second-largest reserve holder. When China’s and Hong Kong’s reserves are considered together, the total is nearly $4 trillion. The United Kingdom did not make the top 10 list and held $212 billion in foreign reserves as of March 2024.
Countries With the Largest Forex Reserves, 2024
| Rank | Country | Mar 2024 | Feb 2024 | Jan 2024 | Dec 2023 |
|---|---|---|---|---|---|
| 1 | China | 3,629.69 | 3,597.77 | 3,591.34 | 3,610.01 |
| 2 | Japan | 1,332.49 | 1,323.19 | 1,333.86 | 1,336.26 |
| 3 | Switzerland | 883.97 | 866.78 | 868.63 | 875.94 |
| 4 | India | 649.77 | 628.83 | 623.70 | 626.26 |
| 5 | Russia | 590.37 | 582.64 | 585.45 | 598.59 |
| 6 | Hong Kong | 462.58 | 463.50 | 462.13 | 462.46 |
| 7 | Slovakia | 368.49 | 357.35 | 357.79 | 351.03 |
| 8 | Brazil | 355.01 | 352.70 | 355.07 | 355.03 |
| 9 | Germany | 338.09 | 319.38 | 319.04 | 322.95 |
| 10 | Italy | 259.75 | 245.27 | 245.90 | 249.67 |
| 11 | France | 258.28 | 244.24 | 245.44 | 246.60 |
| 12 | Thailand | 223.92 | 222.56 | 221.75 | 224.61 |
| 13 | Mexico | 219.52 | 219.53 | 222.01 | 214.41 |
| 14 | Israel | 213.51 | 206.67 | 205.76 | 204.68 |
| 15 | United Kingdom | 212.33 | 207.29 | 210.10 | 214.07 |
| 16 | Poland | 208.34 | 192.75 | 193.04 | 195.39 |
| 17 | Czechia | 149.57 | 0 | 145.66 | 148.72 |
| 18 | Indonesia | 140.39 | 144.04 | 145.05 | 146.38 |
| 19 | Canada | 117.95 | 116.25 | 116.30 | 118.28 |
| 20 | Malaysia | 115.38 | 114.48 | 114.85 | 113.48 |
| 21 | Philippines | 109.76 | 107.70 | 108.99 | 109.77 |
| 22 | Spain | 104.96 | 102.92 | 103.58 | 103.79 |
| 23 | Denmark | 96.85 | 96.46 | 95.56 | 97.05 |
| 24 | Norway | 83.13 | 81.47 | 80.37 | 80.73 |
| 25 | Romania | 76.95 | 75.10 | 73.35 | 72.91 |
| 26 | Peru | 73.30 | 73.39 | 72.79 | 0 |
| 27 | Colombia | 63.91 | 63.79 | 64.89 | 64.81 |
| 28 | South Korea | 62.33 | 61.66 | 61.18 | 62.51 |
| 29 | Sweden | 62.26 | 61.11 | 61.65 | 61.59 |
| 30 | Chile | 60.12 | 60.87 | 61.32 | 61.65 |
| 31 | Australia | 59.06 | 59.42 | 59.09 | 64.55 |
| 32 | Hungary | 49.80 | 50.21 | 50.35 | 45.75 |
| 33 | Ukraine | 43.84 | 37.13 | 38.61 | 40.59 |
| 34 | Bulgaria | 41.79 | 40.41 | 40.98 | 46.50 |
| 35 | Belgium | 41.77 | 40.37 | 40.45 | 40.99 |
| 36 | Portugal | 37.35 | 34.88 | 34.88 | 35.33 |
| 37 | Morocco | 35.86 | 35.67 | 35.55 | 36.33 |
| 38 | Austria | 32.65 | 30.99 | 31.97 | 32.35 |
| 39 | Argentina | 27.13 | 26.69 | 27.64 | 23.07 |
| 40 | Guatemala | 21.10 | 20.71 | 21.22 | 21.31 |
| 41 | Cambodia | 20.33 | 19.99 | 20.46 | 20.62 |
| 42 | Jordan | 19.68 | 19.15 | 19.25 | 19.30 |
| 43 | Finland | 17.35 | 16.97 | 17.01 | 17.18 |
| 44 | Uruguay | 16.83 | 16.61 | 16.46 | 16.35 |
| 45 | New Zealand | 16.76 | 19.95 | 18.92 | 16.31 |
| 46 | Angola | 15.25 | 15.40 | 15.57 | 15.90 |
| 47 | Greece | 14.34 | 13.97 | 13.88 | 14 |
| 48 | Dominican Republic | 13.81 | 14.17 | 14.37 | 15.46 |
| 49 | Paraguay | 10.11 | 10.45 | 9.65 | 9.90 |
| 50 | Belarus | 9.68 | 9.50 | 9.37 | 9.16 |
| 51 | Panama | 7.94 | 8.74 | 6.03 | 6.76 |
| 52 | Mauritius | 7.27 | 7.17 | 7.20 | 7.30 |
| 53 | Honduras | 7.13 | 7.32 | 7.38 | 7.54 |
| 54 | Iceland | 6.58 | 5.76 | 5.73 | 5.82 |
| 55 | Lithuania | 6.03 | 6.03 | 6.50 | 6.70 |
| 56 | Ecuador | 5.91 | 5.71 | 5.61 | 5.57 |
| 57 | Nicaragua | 5.70 | 5.61 | 5.47 | 5.45 |
| 58 | Latvia | 5.66 | 5.56 | 5.59 | 5.66 |
| 59 | Moldova | 5.39 | 5.39 | 5.40 | 5.45 |
| 60 | Jamaica | 5.26 | 4.83 | 4.82 | 4.89 |
| 61 | Sri Lanka | 4.90 | 4.45 | 4.43 | 4.30 |
| 62 | Georgia | 4.78 | 4.75 | 4.86 | 5.01 |
| 63 | Luxembourg | 3.33 | 3.31 | 3.21 | 3.19 |
| 64 | Armenia | 3.30 | 3.38 | 3.58 | 3.61 |
| 65 | El Salvador | 2.92 | 2.97 | 3.25 | 3.08 |
| 66 | Namibia | 2.87 | 2.88 | 2.96 | 2.87 |
| 67 | Estonia | 2.70 | 2.51 | 2.87 | 2.76 |
| 68 | South Africa | 2.65 | 2.60 | 2.52 | 2.40 |
| 69 | Cyprus | 1.97 | 1.85 | 1.83 | 1.85 |
| 70 | Malta | 1.83 | 1.79 | 1.79 | 1.65 |
| 71 | West Bank and Gaza | 1.72 | 1.71 | 1.69 | 1.86 |
| 72 | Kosovo | 1.28 | 1.29 | 1.30 | 1.23 |
| 73 | Singapore | 0.74 | 0.71 | 0.69 | 0.69 |
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