Unusual shifts among the smaller reserve currencies
The latest IMF’s Currency Composition of Official Foreign Exchange Reserves (COFER) survey results show that total foreign exchange reserves increased to USD12.54trn in 1Q25 from USD12.36trn in 4Q24. While the share of USD holdings in the allocated reserves decreased marginally, if the exchange rates had not shifted, the allocation to USD would actually have increased by 0.68 percentage points.
For more, please see full note.
Note: The data has been updated since the original release to incorporate corrections from the IMF. On their webpage, they note "The COFER data for Q1 2025 released on July 9, 2025 have been revised to address reporting errors mostly involving the Australian dollar and the Swiss franc. The revisions have only marginal impact on total reserves."