Share of Dollar in Global Reserves Lowest in 28 Years – IMF
The process of diversifying away from the greenback by countries around the world is gathering pace, according to the latest data from the International Monetary Fund.
The statistics tracked by the Washington-based institution show that the dollar’s share of official gold and foreign currency reserves dropped to a nearly three-decade low of 58% in the fourth quarter of 2022.
The move has reportedly been gradual and the dollar share of central banks’ foreign reserves is now nearly down to a level last seen in 1995.
The long-standing status of the dollar as the world’s dominant currency has been steadily eroded in recent…