Publication date:
Oct 02, 2025
IMF Data Brief: Currency Composition of Official Foreign Exchange Reserves
US Dollar’s Share of Foreign Reserves Is Little Changed in Exchange-Rate-Adjusted Terms
IMF Currency Composition of Official Foreign Exchange Reserves, World Aggregates, Second Quarter of 2025
(Contributors: Erin Nephew and Abdulrahman Gweder)
The latest IMF’s Currency Composition of Official Foreign Exchange Reserves (COFER) survey results show that total foreign exchange reserves increased to $12.94 trillion in 2025Q2 from $12.54 trillion in 2025Q1, mostly reflecting the appreciation of reserve currencies against the US dollar.
The share of US dollar holdings in the allocated reserves decreased to 56.32 percent from 57.79 percent in 2025Q1, largely due to the appreciation of reserve currencies against the US dollar. The dollar’s share would have decreased by only 0.12 percentage points (p.p.) if the exchange rates had not moved.
The share of euro holdings in the allocated reserves increased to 21.13 percent from 20.00 percent in 2025Q1. However, if the exchange rates had not moved, the euro share would have decreased by 0.04 p.p.
The share of Chinese renminbi holdings in the allocated reserves remained the same at 2.12 percent. It would have increased by 0.03 p.p. if the exchange rates had not moved.
The share of the other currencies in the allocated reserves (i.e., those excluding the US dollar, euro, and renminbi) increased to 20.43 percent in 2025Q2 from 20.09 percent in 2025Q1.
For an extended explanation of this quarter’s data view the IMF Blog.
Notes: At present, monetary authorities of 149 economies report COFER data to the Fund. Participation in COFER is voluntary and economy-specific data are strictly confidential given their sensitive nature. The names of COFER reporters are also confidential unless consent has been given by the authorities to the Fund to disclose their names (see list of COFER reporters). In a few cases where authorities’ COFER data were missing, their figures were estimated based on their last data submission. The next COFER data release will be on December 19, 2025.
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