United States

Are we witnessing the decline of the dollar's global significance? Here’s what the foreign exchange reserves tell us

Dollar bills on tbale.

The share of US dollar assets in central bank reserves dropped by 12 percentage points since the euro was launched in 1999. Image: Unsplash/Sharon McCutcheon

Serkan Arslanalp
Senior Economist, Regional Studies Division of the IMF’s Asia and Pacific Department
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Demand for dollar by central banks.
The US dollar's share in global foreign exchange reserves fell to its lowest level in 25 years in late 2020. Image: IMF Currency Composition of Official Foreign Exchange Reserves (COFER)
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See how US inflation rates have changed since 2020


May 31, 2023


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