This story is from May 15, 2024
Foreign exchange reserves by country: Did you know that China had over five times India’s forex reserves at the end of the March quarter 2024? Foreign exchange reserves or forex reserves as they are often referred to are foreign currency assets maintained by a country’s central bank. They are important to make international payments and also hedge against exchange rate risks. Most countries hold foreign exchange reserves in US dollars and gold as well. So which are the top 10 countries with highest total foreign exchange reserves, including gold? Where do China, America, India and Russia stand? We take a look: (AI image)
China leads the list of top 10 countries with the highest foreign exchange reserves including gold. In the first quarter of 2024, China had a total foreign exchange reserves of $3,469,776.82 million including $3,308,705.00 million of forex reserves and $161,071.82 million in gold reserves, according to World Gold Council Data. (AI image)
Japan bags the second spot in the list of countries with most foreign exchange reserves including gold. In Q1 of 2024, Japan had a total foreign exchange reserves of $1,290,604.98 million. This includes forex reserves of $1,230,377.14 million and gold reserves of $60,227.84 million. (AI image)
Switzerland takes the third spot with a total foreign exchange reserves of $864,426.87 million in the first quarter of March 2024, according to the World Gold Council data. This includes $794,931.41 million forex reserves and $69,495.46 million gold reserves. (AI image)
The United States of America or the USA which has the highest gold reserves in the world is fourth on the list of total foreign exchange reserves since it keeps lesser forex currency reserves. In Q1 of 2024, USA had $811,811.40 million total foreign exchange reserves, with $232,761.25 million forex reserves and $579,050.15 million gold reserves. (AI image)
India has the fifth highest foreign exchange reserves including gold in the world, according to the World Gold Council. In Q1 2024, India had a total foreign exchange reserves of $651,950.34 million. This includes $593,423.00 million in forex reserves and $58,527.34 million in gold reserves. (AI image)
At the 6th spot, Taiwan had a total foreign exchange reserves of $598,819.67 million in the first quarter of 2024. This includes $570,595.00 million in forex reserves and $28,224.67 million in gold reserves. (AI image)
The Russian Federation ranks 7th in the list of top 10 countries with the highest foreign exchange reserves including gold. It had a total foreign exchange reserves of $590,222.33 million in the first quarter of this year. This includes $424,146.08 million forex reserves and $166,076.25 million gold reserves. (AI image)
Saudi Arabia is the country with the 8th highest foreign exchange reserves including gold in the first quarter of 2024, according to World Gold Council Data. Of the $458,114.83 million total foreign exchange reserves, $436,526.61 million were forex reserves and $21,588.22 million were gold reserves. (AI image)
Hong Kong SAR ranks 9th in the list of top 10 countries with the highest foreign exchange reserves including gold. With $425,554.25 million total foreign exchange reserves in Q1 of 2024, Hong Kong SAR had $425,415.00 million forex reserves and $139.25 million gold reserves. (AI image)