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Global Reserves Decrease Slightly as US Dollar Loses Some Ground

Publication date:

Oct 02, 2024

Global Reserves Decrease Slightly as US Dollar Loses Some Ground

Datasets:

Currency Composition of Official Foreign Exchange Reserves (COFER)

September 19 - October 1, 2024

The latest IMF’s Currency Composition of Official Foreign Exchange Reserves (COFER) survey results show that total foreign exchange reserves declined slightly to 12.35 trillion USD in 2024Q2 from 12.38 trillion USD in 2024Q1, largely reflecting lower US-dollar-denominated holdings.

The share of the US dollar holdings in the allocated reserves decreased to 58.22 percent from 58.92 percent in 2024Q1.

The share of euro holdings in the allocated reserves, however, rose to 19.76 percent from 19.60 percent in 2024Q1. If the exchange rates had not moved, the share of euro holdings would have been slightly higher, at 19.85 percent in 2024Q2.

The share of Chinese renminbi holdings in the allocated reserves largely remained the same at 2.14 percent in 2024Q2. Exchange rate movements did not affect the share in this quarter.

The share of the other currencies in the allocated reserves (i.e., those excluding the US dollar, euro, and renminbi) increased to 19.90 percent in 2024Q2 from 19.32 percent in 2024Q1.

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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 20, 2024

OTHER RELEASES

September 20, 2024

World Industrial Production Unchanged in June

The world industrial production (IP) was essentially unchanged month-on-month in June, following a 0.5 percent rise in May. Advanced economies contracted by 0.2 percent, while emerging market and developing economies (EMDEs) saw minimal growth. Among EMDEs performance was mixed. IP growth was recorded in Latin America and the Caribbean (0.6 percent), Emerging Asia (0.3 percent), and Sub-Saharan Africa (0.3 percent). However, these gains were counterbalanced by declines in Emerging Europe (-1.4 percent) and the Middle East and Central Asia (-0.7 percent).

September 23, 2024

Inflation Spotlight: Latin America

Regional inflation for Latin America (excluding Argentina) has been broadly stable since hitting a peak in June 2022 at 9.8 percent. Regional inflation (excluding Argentina) was 4.8 percent in July 2024. Annual inflation in Argentina was 263.4 percent in July 2024. Including Argentina in the regional total boosts regional inflation to 169.9 percent in July 2024, slightly down from the peaked of 173.5 percent in April 2024.

Notes: Regional annual inflation is calculated as a weighted average using officially disseminated indexes and purchasing power parity (PPP) expenditure data

September 23, 2024

Real Effective Exchange Rates for the Nigerian Naira and Brazilian Real Declined Over the Last 12 Months

In the 12 months ending in August 2024, the real effective exchange rate (REER) for the Nigerian naira, Brazilian real, and the Japanese yen declined 39.5, 9.4, and 5.5 percent, respectively, indicating improved export competitiveness for these economies. During the same period the REER appreciated by 8.9 percent in Colombia, 5.7 percent in South Africa and 2.9 percent in the United States.

Notes: An increase in REER implies that exports become more expensive for foreign buyers and imports become cheaper domestically; therefore, an increase indicates a loss in trade competitiveness. August 2024 REERs are now available through the IFS dataset portal.

UPCOMING RELEASES

October 08, 2024

Atmospheric CO₂ Concentrations, September 2024

The IMF publishes the concentration of carbon dioxide in the atmosphere, on a monthly and yearly basis, dating back to 1958.

October 08, 2024

International Merchandise Trade Statistics, World and Country Group Aggregates, July 2024

The global and regional estimates are derived from a sample of 109 reporting economies, collectively representing 95.2 percent of the total global merchandise trade.

October 16, 2024

2024 Financial Access Survey (FAS)

The FAS is a unique supply-side database on access to and use of financial services, including digital financial services and gender-disaggregated data. It covers 191 economies, with 121 data series and historical data from 2004.

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