10 countries with highest forex reserves; check out where India stands
For a country's economic well being, foreing currency reserves play an important role. A nation's economy can grind to a halt with no sufficient reserves. To maintain foreign currency reserves becomes vital for a country's economic health. According to International Monetary Fund (IMF), foreign currency reserve assets are an external assets that a nation's monetary authority can utilise to meet balance of payments financing needs. Majority of the nations hold the greater part of their foreign currency reserves in US dollars. China (excluding Hong Kong, Macau and Taiwan - considered to be sovereign states) has the highest foreign currency reserves with over two and half times more than the second largest reserve holder, Japan. India holds the number eigth position whose forex reserves surged by $2.604 billion to reach an all-time high of $400.726 billion. Asian countries dominate the ranks of the highest foreign currency reserves. United Kingdom is at number 15 with forex reseves of $163.503 billion as of March 2016 and the United States holds the 23rd rank with forex reserves of $116.184 billion as of November 2016. Both the countries are not in the top ten list.
Here are top ten countries with the highest forex reserves assets as of September 2017. All reserve assets are given in billions of US dollars. (Source: http://data.imf.org)
China holds the number one postion excluding Hong Kong, Macau and Taiwan. The official forex reserves is $3,056.789 billion as of June 2017.
The second is Japan with $1,249.847 billion forex reserves as of June 2017.
Switzerland is the third nation with $786.172 billion forex reserves as of July 2017.
Fourth is the Saudi Arabia and the forex reserves asssets is $487.000 billion as of May 2017.
Taiwan area, Republic of China holds the fifth position with $440.253 forex reserves as of May 2017.
Russia becomes the sixth nation with $427.300 billion forex reserves as of September 2017.
Hong Kong, China is the seventh nation with $413.300 forex reserves as of July 2017.
India is the eight nation. The forex reserves surged by $2.604 billion to reach an all-time high of $400.726 billion. This data is as of September 2017
South Korea is the ninth nation with forex reserves of $378.469 billion as of June 2017.
Brazil holds the tenth spot with forex reserves of $377.472 billion as of June 2017.
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