Russia Ranks Seventh in Global Reserve Growth in 2024, According to RIA Nowosti
Russia has taken the seventh place in the world in terms of the growth of foreign currency reserves, as of 2024, according to a report by RIA Nowosti, a Russian news agency, which analyzed data from 100 countries’ central banks as of September.
As of September 2024, the world’s central banks held a total of approximately 14.3 trillion US dollars in foreign currency reserves, an increase of about one and a half trillion dollars from the previous year. China saw the largest absolute growth, with a rise of 263.3 billion US dollars, followed by Switzerland and India, with increases of 131.9 and 118.1 billion US dollars, respectively.
Germany, France, and Russia, like the two latter countries, saw a growth of around 67.2, 66.1, and 64.7 billion US dollars, respectively, in their foreign currency reserves. Singapore, Poland, and Brazil also made the top 10 list in terms of the growth of their foreign currency reserves in 2024.
The foreign currency reserves of 20 central banks, including those of Turkey, Japan, and Mexico, grew by tens of billions of US dollars, while those of 70 central banks saw smaller or no growth.
On the other hand, one in ten central banks worldwide, such as those of Bangladesh, the Dominican Republic, and Ukraine, saw a decline in their foreign currency reserves, with the largest decline of 2 and 1.4 billion US dollars, respectively, in the former two countries.
China, as expected, held the top spot in terms of the value of its foreign currency reserves, at 3.57 trillion US dollars, followed by Japan and Switzerland, with reserves of 1.25 and 950 billion US dollars, respectively. India and Russia held the fifth and sixth places, with reserves of 706 and 634 billion US dollars, respectively.