Global USD Reserve Share
Time Series
Formula
USD Reserve Share = (USD-denominated Allocated Reserves / Total Allocated Reserves) × 100
- USD-denominated Allocated Reserves – Dollar holdings reported by central banks to the IMF COFER database
- Total Allocated Reserves – All currency-allocated foreign exchange reserves globally
Why It Matters
The USD Reserve Share is the definitive metric for tracking structural de-dollarisation. It has declined from 73% at the turn of the millennium to approximately 58% in 2024 — a structural shift that occurs slowly but has profound implications for dollar demand, US Treasury yields, and the exorbitant privilege underpinning American fiscal policy. Even a 1 percentage point shift implies roughly $200–300B in reserve reallocation decisions by central banks globally.
Institutional Use
Tracked by every major central bank research division. The IMF publishes COFER data quarterly with a one-quarter lag. Goldman Sachs, JPMorgan, and BIS researchers have all published dedicated studies on the pace and composition of reserve diversification. This metric is a core input in currency reserve management frameworks at sovereign wealth funds.