The 10 largest Arab countries with foreign exchange reserves for the year 2024.. This is Iraq’s rank
The 10 largest Arab countries with foreign exchange reserves for the year 2024.. This is Iraq’s rank
2025-01-08 | 04:08
Foreign exchange reserves are assets denominated in a foreign currency held by a central bank, usually held by the central bank. Countries Its foreign exchange reserves are in US dollars because it is the most widely traded currency in the world.
Other currencies in which foreign exchange reserves are sometimes held, according to the World Population Review, include:
Euro (EUR)
yen Japanese (JPY)
British Pound (GBP)
Chinese Yuan (CNY)
These reserves are used to support liabilities and influence monetary policy, and are mostly held in US dollars, according to Investopedia.
Foreign exchange reserves consist of cash and other assets held by central banks and other financial institutions such as the International Monetary Fund, according to the World Economic Forum Global Quoted About City Index, a financial services company.
China is greater nation The world’s foreign exchange reserves stood at $3.73 trillion in December 2024, according to Statista.
The importance of foreign exchange reserves and why do countries resort to them?
City Index listed 7 main reasons why central banks hold foreign exchange reserves:
1- Helping maintain the value of the local currency at a fixed rate. For example, China pegs the value of the yuan to the dollar. By storing dollars, Beijing increases the value of Dollar against the yuan, thus increasing sales by making Chinese exports cheaper than goods manufactured in the United States.
2- Keeping the value of the local currency below the value of Dollar Japan, which has a floating exchange rate system, buys US Treasury bonds or government bonds to maintain the value of its currency. yen less than value Dollar. This again helps to keep its exports relatively cheaper.
3- Maintaining liquidity. In the event of an economic crisis, the central bank can intervene and replace its foreign currency with local currency to ensure that companies can continue to import and export competitively.
4- Meeting the country’s international financial obligations. This may include repaying debts, financing imports, and absorbing sudden capital movements.
5- Financing domestic projects.
6- Reassuring foreign investors. Wars or internal unrest can scare away investors who may be looking to move their money abroad. Maintaining foreign exchange reserves can instill confidence and calm investors’ fears.
7- Diversifying investment portfolios. By holding different currencies and assets as reserves, the “central” can provide protection in the event that one investment declines.
greater10 Countries with the Largest Foreign Exchange Reserves in 2024
Below is a list of the top 10 countries with the largest foreign exchange reserves, denominated in US dollars, in 2024, according to Statista and Trading Economics platforms, in addition to the central banks in this Countries
1- China
Reserves: $3.7 trillion Its foreign exchange reserves reached $ 3.73
trillion as of December 2024, according to Statista, up from $3.266 trillion in November 2024.
In October, the yuan fell by 1.8% against the dollar, while the latter strengthened by 1.8% against a basket of other major currencies.
Meanwhile, China’s gold reserves rose to 72.96 million “troy ounces” after remaining flat at 72.80 million troy ounces in the previous six months. However, their value fell to $193.43 billion from $199.06 billion in October 2024, in line with the decline in gold prices, according to Trading Economics, which cited the People’s Bank of China.
The Trojan ounce (0.031 kilogram) is a weight system used for precious metals and gemstones, based on a 12-ounce pound instead of the traditional 16-ounce pound.
2- Japan
Reserves: $1.24 trillion
Foreign exchange reserves rose by $49 million to a total of $1.24 trillion in November 2024. In a recent disclosure, Japan’s Ministry of Finance revealed that it spent 5.53 trillion yen ($35 billion) in July on “foreign exchange interventions” to support they en According to Trading Economics and based on the ministry’s own data.
3- Spain:
Reserves: $1.07 trillion
Foreign exchange reserves rose to $1.07 trillion in November, from $1.045 trillion – in October 2024 – according to Trading Economics and based on the Bank of Spain.
4- Switzerland
Reserves: $801 billion
The Swiss National Bank’s foreign exchange reserves rose to CHF724.5 billion ($801 billion) in November 2024, the highest level since June 2023.
5- India
Reserves: $640 billion
The foreign exchange reserves held by the Reserve Bank of India fell to the equivalent of $640 billion in the last week of 2024, the lowest level since April, extending the decline from a record high of $704.9 billion in the last week of September 2024, according to Trading Economics based on the Reserve Bank of India.
6- Russia
Reserves: $616.5 billion
Foreign exchange reserves fell to $616.5 billion in November 2024 from $631.6 billion in October 2024, according to the latest available data.
Russia’s foreign exchange reserves averaged $313.5 billion from 1992 to 2024, and reached an all-time high of $633.7 billion in September, according to Trading Economics, citing the Russian central bank.
7. Taiwan
Reserves: $576.7 billion
Foreign exchange reserves fell to $576.68 billion in December 2024, down from $577.97 billion the previous month.
This was affected by revenues from Taiwan’s foreign exchange reserve management and movements in the exchange rates of other reserve currencies against Dollar.
In addition, the central bank has intervened to ease volatile capital flows to maintain an orderly foreign exchange market, according to Trading Economics, based on the central bank.
8- Saudi Arabia
Reserves: $449 billion
Foreign exchange reserves fell to 1.688 trillion riyals (about $449 billion) in November from 1.63 trillion riyals ($434 billion) the previous month, according to the Saudi central bank.
9- Hong Kong
Reserves: $425.1 billion
Foreign exchange reserves rose to $425.1 billion in November 2024, the highest level since last February, from a three-month low of $421.3 billion the previous month.
This represents more than five times the currency in circulation, or about 39% of the Hong Kong dollar, according to Trading Economics, based on the Hong Kong Monetary Authority.
10- South Korea
Reserves: $415.6 billion
Foreign exchange reserves rose to $415.6 billion in December 2024 from $415.4 billion in November, according to Trading Economics and the Bank of Korea.
greater10 Arab countries with the largest foreign exchange reserves in 2024
The following is a list of the 10 largest Arab countries with foreign exchange reserves in 2024, based on central banks, the Trading Economics platform, and others.
1- Saudi Arabia
Reserves: $499 billion
Foreign exchange reserves fell to 1.688 trillion riyals (about $449 billion) in November from 1.63 trillion riyals ($434 billion) in the previous month, according to the Saudi Central Bank.
2- UAE
Reserves: $210 billion
Official foreign exchange reserves amount to about $210 billion, according to data from the Central Bank.
Total foreign assets at the Central Bank exceeded 770 billion dirhams ($209.6 billion) by the end of last June, for the first time in the history of the Emirates, according to the bank’s latest statistics, as reported by the local news agency.
3-Iraq
Reserves: $106.7 billion.
Foreign exchange reserves fell to 139.68 trillion dinars (local currency in Iraq(About $106.7 billion) in October from 143 trillion dinars ($109 billion) in September 2024, according to Trading Economist.
4- Algeria
Reserves: $72 billion
Finance Minister Aziz Al-Fayed recently announced that foreign exchange reserves will rise by about 4.4% in 2024 to $72 billion, from $69 billion at the end of 2023, and $61 billion at the end of 2022.
Al-Fayed stated – during his presentation of Algeria’s draft general budget to the National Assembly deputies – that foreign exchange reserves outside gold continued to rise during the current year, expecting to close the current year with a trade surplus estimated at $2.8 billion, equivalent to 1.1% of the gross domestic product, which amounted to $267 billion last year, according to news agencies.
5- Qatar
Reserves: $69 billion
Qatar Central Bank announced an increase in international reserves and foreign currency liquidity by 5.05% in November 2024 to reach 254.74 billion riyals (about 69 billion dollars) compared to 244.81 billion riyals (about 66 billion dollars) in November 2023, as stated in a statement carried by the Qatar News Agency.
6- Egypt
Reserves: $47.1 billion
The Central Bank of Egypt said that net foreign reserves rose to $47.1 billion at the end of December 2024, compared to about $46.95 billion at the end of November 2024.
7- Kuwait
Reserves: $41 billion
A monthly bulletin issued by the Central Bank of Kuwait revealed an increase in the balance of foreign exchange reserves at the end of November 2024 to reach about 12.65 billion dinars (about $41 billion), compared to its balance at the end of October 2024, which amounted to 12.52 billion dinars (40.6 billion dollars), an increase of 1%, and by 127 million dinars, according to the local Al-Anba newspaper.
8- Morocco
Reserves: $32.8 billion
Foreign exchange reserves reached $32.8 billion in November 2024.
Morocco’s reserves reached an all-time high of $35.3 billion in July 2021 and a record low of $7.9 billion in January 2002, according to CEIC data.
9- Jordan
Reserves: $21 billion
The Kingdom’s foreign exchange reserves increased by $21.1 billion in the first 11 months of 2024, a significant increase that is now enough to cover 8.4 months of Jordan’s imports of goods and services.
The central bank confirmed that this reserve amount is the highest in the country’s history, representing a remarkable achievement for financial stability.
10- Lebanon
Reserves: $10.3 billion
Foreign exchange reserves fell for the first time in more than a year as the Lebanese central bank pumped more dollars to support the lira following weeks of war.
Lebanon’s central bank reserves fell by more than $400 million in October 2024, the first decline since July 2023, according to official data reported by Bloomberg.
Foreign exchange reserves now stand at about $10.3 billion, excluding $5 billion in international bonds that the Lebanese state has defaulted on.
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