The 10 Largest Arab Countries That Possess Foreign Exchange Reserves For The Year 2024.. This Is Iraq’s Rank
 
Economy  2025-01-08 |Source:   Al Jazeera Net   5,580 views  Alsumaria News - Foreign exchange reserves are assets denominated in a foreign currency held by a central bank.
 
Countries usually keep their foreign exchange reserves in the US dollar because it is the most widely traded currency in the world.
 
Among other currencies in which foreign exchange reserves are sometimes kept, according to the “World Publication Review” platform, are the following:

Euro (EUR)
Japanese Yen (JPY)
British Pound (GBP)
Chinese Yuan (CNY)
 
These reserves are used to support obligations and influence monetary policy, and  most of them are held in US dollars, according to the Investopedia platform.
 
Foreign exchange reserves consist of cash and other assets held by central banks and other financial institutions such as the International Monetary Fund, according to the World Economic Forum, citing City Index, a financial services provider.
 
China is the largest country with foreign exchange reserves in the world, with $3.73 trillion in December 2024, according to the Statista platform.
 
The importance of foreign exchange reserves and why do countries resort to them?
 
City Index listed 7 main reasons why central banks hold foreign currency reserves:
 
1- Help maintain the value of the local currency at a fixed rate.
 
For example, China pegs the value of the yuan to the dollar.
 
By hoarding dollars, Beijing raises the value of the dollar against the yuan, thus
 
increasing sales by making Chinese exports cheaper than goods manufactured in the United States.
 
2- Keeping the value of the local currency lower than the value of the dollar.
 
Japan, which applies a floating exchange rate system, buys US Treasury bonds or government bonds, to keep the value of the yen lower than the value of the dollar. This again helps in keeping its exports relatively cheaper.
 
3- Maintaining liquidity.
 
In the event of an economic crisis, the central bank can intervene and replace its foreign currency with local currency to ensure the ability of companies to continue importing and exporting competitively.
 
4- Fulfilling the state’s international financial obligations.
 
This may include repaying debts, financing imports and absorbing sudden capital movements.
 
5- Financing internal projects.

6- Reassuring foreign investors.
 
Wars or internal unrest may scare away investors who may be looking to move their money abroad.
 
Maintaining foreign exchange reserves can create an atmosphere of confidence and allay investor fears.
 
7- Diversifying investment portfolios.
 
By holding various currencies and assets as reserves, the central bank can provide protection in the event that an investment declines.
 
The top 10 countries with foreign exchange reserves in 2024
 
The following is a list of the 10 largest countries possessing foreign exchange reserves, denominated in US dollars, during the year 2024, according to what was reported by the Statista and Trading Economics platforms, in addition to the central banks in these countries .
 
1- China   Reserves: $3.7 trillion
 
Its foreign exchange reserves amounted to $3.73 trillion as of December 2024, according to the Statista platform, up from $3.266 trillion in November 2024.
 
Last October, the yuan fell by 1.8% against the dollar, while the latter strengthened by 1.8% against a basket of other major currencies.
 
Meanwhile, China's gold reserves rose to 72.96 million troy ounces after remaining stable at 72.80 million troy ounces for the previous six months. However, its value decreased to $193.43 billion from $199.06 billion in October 2024, in line with the decline in gold prices, according to the “Trading Economics” platform, which was based on the People’s Bank of China.
 
The Trojan ounce (equal to 0.031 kilograms) is a weight system used for precious metals and gemstones, and is based on a pound of 12 ounces instead of the traditional pound of 16 ounces.
 
2- Japan   Reserves: $1.24 trillion
 
Foreign exchange reserves rose by $49 million, reaching a total of 1.24 trillion in November 2024. In a recent disclosure, Japan’s Ministry of Finance revealed that it spent 5.53 trillion yen ($35 billion) last July on “interventions in the foreign exchange market.” "(foreign exchange interventions) with the aim of supporting the yen , according to Trading Economics and based on the ministry's own data.
 
3- Spain:   Reserves: $1.07 trillion
 
Foreign exchange reserves rose to $1.07 trillion in November, from $1.045 trillion - in October 2024 - according to Trading Economics and according to the Bank of Spain.

4- Switzerland   Reserves: $801 billion
 
The Swiss National Bank's foreign exchange reserves rose to 724.5 billion francs ($801 billion) in November 2024, the highest level since June 2023.
 
5- India    Reserves: $640 billion
 
Foreign exchange reserves held by the Reserve Bank of India fell to the equivalent of $640 billion in the last week of 2024, the lowest level since last April, and the decline extends from a record high of $704.9 billion in the last week of September 2024, according to Trading. Economics based on Reserve Bank of India.
 
6- Russia   Reserves: $616.5 billion
 
Foreign exchange reserves fell to $616.5 billion in November 2024 from $631.6 billion in October 2024, according to the latest available data.
 
The average foreign exchange reserves in Russia amounted to $313.5 billion from 1992 until 2024, and reached their highest level ever at $633.7 billion last September, according to Trading Economics, according to the Russian Central Bank.
 
7- Taiwan    Reserves: $576.7 billion
 
Foreign exchange reserves fell to $576.68 billion in December 2024, down from $577.97 billion the previous month.
 
This was affected by the revenues from the management of foreign exchange reserves in Taiwan, and movements in the exchange rates of other reserve currencies against the dollar .
 
In addition, the Central Bank intervenes to mitigate volatile capital flows to maintain a regulated foreign exchange market, according to Trading Economics, according to the Central Bank.
 
8- Saudi Arabia   Reserves: $449 billion
 
Foreign exchange reserves decreased to 1.688 trillion riyals (about 449 billion dollars) in November from 1.63 trillion riyals (434 billion dollars) the previous month, according to the Central Bank of Saudi Arabia.
 
9- Hong Kong   Reserves: $425.1 billion
 
Foreign exchange reserves rose to $425.1 billion in November 2024, the highest level since last February, from a 3-month low of $421.3 billion the previous month.
 
This represents more than 5 times the currency in circulation, or about 39% of the Hong Kong dollar, according to Trading Economics and according to the Hong Kong Monetary Authority.
 
10- South Korea   Reserves: $415.6 billion
 
Foreign exchange reserves rose to $415.6 billion in December 2024 from $415.4 billion in the previous November, according to Trading Economics and according to the Central Bank of South Korea.

The 10 largest Arab countries possessing foreign exchange reserves in 2024
 
Below is a list of the 10 largest Arab countries possessing foreign exchange reserves in 2024, based on central banks , the Trading Economics platform, and others.
 
1- Saudi Arabia   Reserves: $499 billion
 
Foreign exchange reserves decreased to 1.688 trillion riyals (about 449 billion dollars) in November from 1.63 trillion riyals ($434 billion) in the previous month, according to the Central Bank of Saudi Arabia.
 
2- UAE   Reserves: $210 billion
 
Official foreign currency reserves amount to about $210 billion, according to Central Bank data.
 
The Central Bank's total foreign assets exceeded 770 billion dirhams ($209.6 billion) at the end of last June, for the first time in the history of the Emirates, according to the bank's latest statistics, as reported by the local news agency.
 
3- Iraq   Reserves: $106.7 billion.
 
Foreign exchange reserves decreased to 139.68 trillion dinars (the local currency in Iraq (about $106.7 billion)) in October from 143 trillion dinars ($109 billion) in September 2024, according to the Trading Economist.
 
4- Algeria   Reserves: $72 billion
 
Finance Minister Aziz Al-Fayed recently announced that foreign exchange reserves will rise by about 4.4% in 2024 to 72 billion dollars, from 69 billion at the end of 2023, and 61 billion at the end of 2022.
 
Al-Fayed stated - during his presentation of the draft general budget of Algeria before the representatives of the National Council - that foreign exchange reserves outside gold continued to rise during the current year, expecting to close the current year with a surplus in the trade balance estimated at 2.8 billion dollars, equivalent to 1.1% of the gross domestic product, which amounted to 267 billion last year, according to news agencies.

5- Qatar   Reserves: $69 billion
 
The Central Bank of Qatar announced an increase in international reserves and liquidity in foreign currency by 5.05% in November 2024 to reach 254.74 billion riyals (about 69 billion dollars) compared to 244.81 billion riyals (about 66 billion dollars) in November 2023, as reported. In a statement carried by the Qatar News Agency.
 
6- Egypt   Reserves: $47.1 billion
 
The Central Bank of Egypt said that net foreign reserves rose to $47.1 billion at the end of December 2024, compared to about $46.95 billion at the end of November 2024.
 
7- Kuwait   Reserves: $41 billion
 
A monthly bulletin issued by the Central Bank of Kuwait revealed an increase in the balance of foreign exchange reserves at the end of November 2024, reaching about 12.65 billion dinars (about 41 billion dollars), compared to its balance at the end of October 2024, which amounted to 12.52 billion dinars (40.6 billion dollars), an increase It is 1%, with a value of 127 million dinars, according to the local newspaper Al-Anbaa.
 
8- Morocco   Reserves: $32.8 billion
 
Foreign exchange reserves reached $32.8 billion in November 2024.
 
Reserves in Morocco reached an all-time high of $35.3 billion in July 2021 and a record low of $7.9 billion in January 2002, according to the CEIC Data platform.
 
9- Jordan    Reserves: $21 billion
 
The Kingdom's foreign exchange reserves increased by $21.1 billion during the first 11 months of 2024, a significant increase that is now sufficient to cover 8.4 months of Jordan's imports of goods and services.
 
The Central Bank confirmed that this reserve amount is the highest in the country’s history, which represents a remarkable achievement for financial stability.
 
10- Lebanon   Reserves: $10.3 billion
 
Foreign exchange reserves fell for the first time in more than a year as the Lebanese Bank pumped more dollars to support the lira following weeks of war.
 
The reserves of the Bank of Lebanon decreased by more than $400 million in October 2024, which is the first decrease since July 2023, according to official data reported by Bloomberg.
 
Foreign exchange reserves now stand at about $10.3 billion, excluding $5 billion in international bonds that the Lebanese state defaulted on. https://www.alsumaria.tv/news/economy/512234/أكبر-10-دول-عربية-تمتلك-احتياطيات-نقد-أجنبي-للعام-2024-هذه-مرتبة-العرا  

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