The U.S. dollar’s share of global foreign exchange reserves reported to the International Monetary Fund slipped slightly to 56.92% in the third quarter of 2025, according to newly released IMF data. At the same time, holdings of euro-denominated reserves edged modestly higher.
The figures, published on Friday, point to a period of stabilisation in the three months through the end of September, following sharp fluctuations in the second quarter. Those earlier swings came as currency markets—particularly the dollar—were shaken by tariff announcements from U.S. President Donald Trump.
By the close of the second quarter, the dollar accounted for 57.08% of global reserves, while the euro’s share rose to 20.33%, up from 20.24% in the previous quarter, according to the IMF’s Currency Composition of Official Foreign Exchange Reserves data.
The report also showed a continued increase in the share of reserves held in the Japanese yen, which climbed to 5.82% in the third quarter, compared with 5.65% in the prior quarter.
Analysts at Goldman Sachs said the data suggests that reserve managers actively adjusted portfolios in response to currency market volatility. They noted that valuation effects indicate managers leaned into exchange rate movements rather than making large structural shifts.
According to the analysts, the third quarter was marked by relative stability, with only minor changes in the allocation between U.S. dollar and euro reserves after the pronounced movements seen earlier in the year.
The fluctuations in reserve allocations during 2025 have reignited debate over whether the U.S. dollar could eventually lose its dominant role as the world’s primary reserve currency and anchor of the global monetary system. While some observers point to early signs of de-dollarisation, most analysts agree that any meaningful transition would likely unfold gradually over many years.
The IMF data also incorporated a revised methodology, with the institution now imputing the previously “unallocated” portion of reserves. In earlier releases, this category captured gaps caused by incomplete or missing country submissions.
This methodological update, which has been applied retroactively to data dating back to 2000, resulted in small adjustments to historical reserve shares.
