27.12.2024, 09:52
The dollar's share in global reserves has updated its 30-year low
Source: OREANDA-NEWS
OREANDA-NEWS According to the results of the third quarter of 2024, the dollar's share in the structure of world reserves updated a 30-year low and dropped to 57.4 percent. This is reported by RIA Novosti with reference to data from the International Monetary Fund (IMF).
This indicator turned out to be the lowest since 1995 — the IMF does not provide earlier statistics. The dollar's share in the structure of global foreign exchange reserves has been declining for the second quarter in a row. In July-September, the indicator decreased by 0.85 percentage points (percentage points), and since the beginning of 2024 — by 1.8 percentage points.
The main reason for the decline in the dollar's share in global reserves was the growth of investments in euros. In July-September, the share of the eurozone's main currency increased from 19.75 to 20.02 percent. Investments in non-reserve currencies and the yen also increased during the reporting period. Their shares amounted to 4.46 and 5.82 percent, respectively. At the same time, for the Japanese currency, the achieved result was the highest since the end of March 2021.
Among the leading currencies, the only unit of account that showed similar dynamics during the reporting period was the Swiss franc. Its share in the structure of global reserves decreased by 0.03 percentage points and dropped to the lowest level since the end of 2021 at 0.17 percent. As for the yuan, in the third quarter, IMF analysts recorded a halt to the decline in the share of the Chinese currency in world reserves for nine consecutive quarters. In July-September, the yuan increased to 2.17 percent.
The share of the dollar is decreasing, including in the structure of Russian reserves. Since the introduction of large-scale sanctions, the Russian authorities have begun to focus on investments in gold. By the end of October, the share of this precious metal in the structure of Russian reserves reached its highest level since November 1999 at 32.9 percent.
In monetary terms, Russia's gold reserves reached a record high of $207.7 billion. Experts say that such a strategy allows Russia not only to maintain macroeconomic stability, but also to earn money against the background of the continued growth in the exchange value of the precious metal in the second half of 2024.
This indicator turned out to be the lowest since 1995 — the IMF does not provide earlier statistics. The dollar's share in the structure of global foreign exchange reserves has been declining for the second quarter in a row. In July-September, the indicator decreased by 0.85 percentage points (percentage points), and since the beginning of 2024 — by 1.8 percentage points.
The main reason for the decline in the dollar's share in global reserves was the growth of investments in euros. In July-September, the share of the eurozone's main currency increased from 19.75 to 20.02 percent. Investments in non-reserve currencies and the yen also increased during the reporting period. Their shares amounted to 4.46 and 5.82 percent, respectively. At the same time, for the Japanese currency, the achieved result was the highest since the end of March 2021.
Among the leading currencies, the only unit of account that showed similar dynamics during the reporting period was the Swiss franc. Its share in the structure of global reserves decreased by 0.03 percentage points and dropped to the lowest level since the end of 2021 at 0.17 percent. As for the yuan, in the third quarter, IMF analysts recorded a halt to the decline in the share of the Chinese currency in world reserves for nine consecutive quarters. In July-September, the yuan increased to 2.17 percent.
The share of the dollar is decreasing, including in the structure of Russian reserves. Since the introduction of large-scale sanctions, the Russian authorities have begun to focus on investments in gold. By the end of October, the share of this precious metal in the structure of Russian reserves reached its highest level since November 1999 at 32.9 percent.
In monetary terms, Russia's gold reserves reached a record high of $207.7 billion. Experts say that such a strategy allows Russia not only to maintain macroeconomic stability, but also to earn money against the background of the continued growth in the exchange value of the precious metal in the second half of 2024.
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