Presence of large Foreign reserves are any nation’s most important and crucial assets which are very much essential to run a healthy economy. Without these assets, the economy of any country could come to an ending state which may lead to immediate crisis around. Foreign exchange reserves doesn’t only include the monetary well being but other resources like Gold reserves, International Monetary Fund (IMF) and various others are also included. Presence of largest foreign exchange reserves makes a country grow its economical health so as to making an easy access for the imports like crude oil as well as paying their international debt. The total inventory and record is kept under supervision of National Banks along with the assistance of monetary authorities. Another way to boost the economical growth is the investment of foreign currencies deposits in respective stock exchange markets which stables and provides more room for international dealings.
A country without big foreign exchange reserves would be unable to keep up with the growing international economical market as well as meeting up its own state’s financial balance. As according to the international markets, the sovereign wealth funds have come into competition which may beat the foreign reserves in future. In short, for any country to survive and grow up with the international market, the existence of large foreign currency deposits is ultimately necessary. Top countries with largest foreign reserves are listed below in the US Dollar (in millions). These figures are being reported after the survey in 2015.
Being one of the most powerful and convincing countries in the world, the China is at the top spot with largest foreign exchange reserves of up to 3,634,184 Millions US$ as of Aug 2015 as per state administration of foreign exchange of china. The huge amount not only allows China to meet their internal financial needs but also enables them to keep up with the growing economical competition.
Globally famous for its speed and quality in technology advancement, Japan is at the second spot. With utmost and devoted people, the country owns a world’s second largest reserves of foreign exchange of nearly 1,244,150 Millions US$ as of August 2015 as per IMF. Withing a small land area, this country is in possession of sound international economical background which enables it to advance furthermore in future.
3. Saudi Arabia
No further description is needed as the name describes it all, the Saudi Arabia is one of most powerful Muslim states in the world and possesses a heavy impact on the whole Muslim world. Being the largest oil producing country in the world, they own a third biggest reserve of foreign exchange of about 672,106 Millions US$ as of June 2015 as per Saudi Arabian Monetary Agency. With strong financial backing, Saudi Arabia is a powerful investor in the international market.
Globally renowned as the most expensive countries in the world to live in, Switzerland dominates the fourth spot in our list of countries with largest foreign exchange reserves. It is said that the living there is too much expensive for any mediocre family. That may be due to their strong financial reserves which were figured out at 600,180 Millions US$ as of June 2015 according to IMF. With this small land area, Switzerland is a strong nation in terms of financial backing.
Regarded as a state of China, Taiwan is at fifth number having highest foreign reserves of about 426,398 Millions US$ as of June 2015 according to central bank of the republic of china. Being famous regarding cellphone manufacturing, the country has a stable and sound financial background which allows it to spend in the international market so as to increasing the economical health of the nation.
6. South Korea
Globally renowned for smartphones and cars, the South Korea is a sovereign country with total foreign exchange reserves estimated to be 374,749 Millions US$ on June 2015 according to report of bank of korea which is spotted as sixth largest foreign currency holder in the world that is reasonable enough to increase its economical health and financial backing.
Probably the largest country in the world in terms of total land area, the Russian Federation is 7th in the list of countries with highest foreign reserves. In older times when it used to be single state, the figures are reduced to much extent today. After the division of Russia, their foreign reserves stood at 369,000 Milions US$ on Sep 25, 2015 as per IMF which is not reasonable amount but stable enough to meet and balance its internal financial needs.
Here comes the most famous country in the world in terms of goons, Brazil holds the 8th spot in term of highest foreign currency deposits. With large land area and huge financial requirements, its foreign exchange reserves were expected to be as largest as 368,252 Millions US$ on Aug 2015 as per IMF. The economical health of Brazil is intended to increase further in future as few internal investors are stepping ahead.
Though its surprising but India is at number 9 in list of countries with largest foreign reserves which had total financial backing of about 349,979 Millions US$ on Sep 25, 2015 as per IMF and Reserve Bank of India. The Hindu based state is behind no one in competing the international financial race but besides that, the country has a long way to keep up with the likes of China, Japan and Saudi Arabia.
10. Hong Kong
Worldwide famous for its natural beauty and a naturally gifted harbor, Hong Kong is at number 10 with total foreign currency deposits of 339,899 Millions US$ as of Aug 2015 as per Hong Kong Monetary Authority. Within this small land area, this 10th largest figures maintained is a big achievement which not only comforts its citizens but also enables the state to compete with the growing pace of international financial market.
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