Overview
- The dollar accounted for 56.92% of reported global reserves in Q3 2025 as overall currency shares steadied, with the euro and yen edging higher.
- IMF figures show the Q2 2025 drop in the dollar’s share to 56.32% was mostly a valuation effect tied to FX moves rather than active reallocation by reserve managers.
- At constant exchange rates, the dollar’s Q2 share was 57.67%, a marginal 0.12 percentage point dip that challenges claims of rapid de‑dollarization.
- The IMF updated its COFER methodology by imputing previously unallocated reserves, producing small, backdated adjustments to historical series.
- Goldman Sachs said reserve managers appeared to lean into currency fluctuations, and analysts noted the data offer muted signals for crypto markets that trade on de‑dollarization narratives.