2025/12/19

COFER Report – 3Q 2025

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USD share of reserves falls to new multi-decade low

Note: this release includes a methodology update from the IMF

The latest IMF Currency Composition of Official Foreign Exchange Reserves (COFER) survey results show that total foreign exchange reserves increased to USD13.0trn in 3Q25 from USD12.9trn in 2Q25. The 3Q25 data show a small tick down in the allocation to USD to 56.9%, a new multi-decade low. Never-the-less, the USD reserve allocation remains well above those of other currencies, including the EUR (20.3%). Gold reserves increase by USD582bn, to USD4.3trn, but only USD10bn of the increase was due to gold purchases by central banks.

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