The reservation of Foreign Currencies is definitely very important for economic well-being. Now the adequate also reserving a country that also may be unable for paying such critical imports like crude oil, or service with the external debt. The reservation of Foreign currencies can be used to maintain the exchange rate that affects the global trade market. IMF or International Money Fund describes these reserves as external assets.
Here is the list of the Top 10 Countries with the most foreign reserves:
Foreign Currency: $407.8 Billion
Singapore is known as one of the finest and busiest. Singapore is known for its business very well. The country is well developed and uses modern technology to grow its business that fetching many foreign currencies the country. The city is known as the lion city.
9. Saudi Arabia
Foreign Currency: $429.5 Billion
The main business of Saudi Arabia is the Crude Oil business. It is the middle eastern powerhouse that had the world’s top oil exporter until the position was taken over by the UAE with Saudi Arabia still has been counted as 1.54% of the global oil exports in 2019. It also has been remaining the top oil export in 2019. This business helps the country to fetch foreign currencies.
8. South Korea
Foreign Currency: $437.5 Billion
It is the Southern Part of Korea. This country got the eighth position in holding foreign currencies. There are many business companies established in Korea. In 2019, South Korea was the eighth largest exporter and also importer.
Foreign Currency: $463.9 Billion
Russia is one of the growing countries and got the seventh position on the list. Now Russia is one of the top oil exporters in the world. It is one of the largest oil-exporting countries accounting for 10.53% of global exports with a total of about $115 billion. It also generate 10.5 million barrels per day in 2020. Now it enhances about 11% of global oil production. Apart from it, Russia is also a big supplier of weapons and modern technology.
6. Hong Kong
Foreign Currency: $478.7 Billion
The economy of Hong Kong is highly developed as a free market economy. It has been characterized as low taxation almost very free trade port and also is a well-established financial market.
Foreign Currency: $548.9 Billion
Taiwan got the fifth position. This country is the main exporter of electronics, basic metals, and metal products, plastics and rubber, chemicals, and machinery. The trading partner of Taiwan is China. Taiwan is also the best hub for making integrated chips that bring many foreign currencies into the country.
Foreign Currency: $569.9 Billion
In holding foreign currencies, India got fourth position. India is a hub of the textile industry, tourism industry, chemical industry, engineering industry, Transportation industry, IT services industry, banking industry, and real estate industry. In all those sectors India doing business as an importer and exporter.
Foreign Currency: $1,033.8 Billion
In Switzerland, the main industries are banking and finance. The economy of the country is also driven by agriculture and industry. Now Switzerland is popular in the world for its Swiss chocolates and watches.
Foreign Currency: $1,259.9 Billion
Japan has got the second position on the list. The country is famous for the business of motor vehicles electronic equivalent machines, tools steel nonferrous, metal ships chemicals, and textiles processed foods. Japan is also a good exported of electronic gadgets and instruments.
Foreign Currency: $3,222.4 Billion
China is definitely a big name in the technology world. China is a good exporter of electronic gadgets mainly smartphones, and Integrated Chips, and is also [popular in the services sector, agriculture, manufacturing, and technology. The country is one of the largest exporters and importers in the world.
A big thanks for the source.