There is not much data on individual central bank holdings of dollars through 2023, but Cofer will pass through 2024Q4 and through gold holdings up to 2025Q1.
In recent years, there have been some profits in the EUR and other currencies, but the biggest winner of total reserves (FX reserves and gold) is… gold.
Figure 1: FX and Gold Reserve (Blue Bar), EUR (TAN), all else (gray), and gold (yellow). The USD (EUR) share assumes that 60% (35%) of the unallocated reserves are USD (EUR). Source: IMF Cofer, World Gold Counciland author calculations.
The question is what will happen to US dollar reserves in the first quarter, courtesy of uncertainty in US international economic policies and associated policies.
omfif’s Global Public Investors 2025 Note the growing geopolitical concern:
sauce: omfif.
Geopolitical concerns, tariffs, and trade wars at the forefront:
sauce: omfif.
It is also interesting to consider the central bank’s motivations to retain the money. from World Gold Council Central Bank Gold Reserve Survey 2025:
sauce: World Gold Council.
I find it interesting that the lack of default risk is highlighted as an important motivation for retaining money. The default risk for US treasury has been declining recently, but it remains high by historical standards.
sauce: Government bond worldaccessed 6/28/2025.
Cofer data via Q1 a few days later.
