National Bank of Denmark presents reserve currency database covering 149 countries and 23 currencies

The National Bank of Denmark has published a working paper introducing a database on the currency composition of foreign exchange reserves in 149 countries across 23 currencies. Compiled entirely from public sources, it spans 1999–2026. The paper’s analysis for 1999–2025 finds that more countries increased their U.S. dollar reserve share than reduced it, while more lowered their euro share than raised it. The analysis gives each country equal weight rather than weighting by reserve size. This explains the contrast with International Monetary Fund (IMF) aggregate data showing a declining dollar share of global reserves and a broadly stable euro share. The findings remain robust after adjustments for changes in country coverage and exchange rate valuation effects. Average dollar allocations fell in the 2000s, recovered during the 2010s and stabilized in the 2020s. Euro allocations followed the opposite pattern before also stabilizing. Diversification has nevertheless continued, with several large Asian reserve holders increasing allocations outside the currencies in the IMF’s Special Drawing Rights basket. Renminbi holdings have also grown but remain modest. Central banks that purchased gold after the 2007–09 global financial crisis did not, on average, reduce the dollar share of their foreign exchange reserves. Preliminary observations for the small sample of countries reporting 2026 data indicate a slight decline in average dollar shares and a slight increase in euro shares, without yet establishing a new trend.