{"id":345640,"date":"2025-07-11T23:26:56","date_gmt":"2025-07-12T04:26:56","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2025\/07\/11\/gold-and-fx-reserves-in-2025q1\/"},"modified":"2025-07-11T23:26:56","modified_gmt":"2025-07-12T04:26:56","slug":"gold-and-fx-reserves-in-2025q1","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2025\/07\/11\/gold-and-fx-reserves-in-2025q1\/","title":{"rendered":"Gold and FX Reserves in 2025Q1"},"content":{"rendered":"

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Based on IMF data (COFER, IFS):<\/p>\n

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Figure 1:<\/strong> USD shares of fx\u00a0 (blue bars), EUR (tan), all other (gray). USD(EUR) share assumes 60%(35%) of unallocated reserves are in USD(EUR). Source: IMF COFER, and author\u2019s calculations.\u00a0<\/em><\/p>\n

The drop in USD reserves out of total FX reserves is not apparent. However, gold has taken on a heightened importance in recent years. Taking this into account, we have Figure 2.<\/p>\n

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Figure 2:<\/strong> USD shares of fx and gold reserves (blue bars), EUR (tan), all other (gray), and gold (yellow). USD(EUR) share assumes 60%(35%) of unallocated reserves are in USD(EUR). Assumes quantity of gold holdings stay constant in 2025Q, and observed . Source: IMF COFER, World Gold Council<\/a>, and author\u2019s calculations.\u00a0<\/em><\/p>\n

To the extent that total reserves are the relevant measure, the dollar has dropped by 1.4 percentage points in 2025Q1; the standard deviation of changes is 0.6 ppts. If central banks on net acquired gold in Q1 (World Gold Council<\/a> suggests 50 tonnes whereas I assumed 0 tonnes), then the drop would be even larger.<\/p>\n<\/p><\/div>\n

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