Board of Governors of the Federal Reserve System

Figure 1. U.S. Dollar Share of European FX Reserves

Figure 1a: “U.S. Dollar Share of German FX Reserves”
This is a line chart showing annual data from 2010 through 2026. The y-axis measures the fraction of Germany’s foreign exchange reserves held in U.S. dollar assets and ranges from 0 to 1. The black line plotted begins at a value of 0.97 in 2010 and declines to about 0.9 by 2012 and remains there until 2019. In 2020, the series declines to 0.85 and remains around there until 2023, when it declines to 0.83 and remains around this share through the end of the sample. From 2013 to 2017, there is light gray shading in the plot region, marking the period where gold reserves were shifted out of the U.S.

Figure 1b: “U.S. Dollar Share of Dutch FX Reserves”
This is a line chart showing annual data from 1999 through 2025. The y-axis measures the fraction of the Netherlands’ foreign exchange reserves held in U.S. dollar assets and ranges from 0 to 1. The black line plotted begins at a value of 0.75 in 1999 and jumps to nearly 1 in 2000 before steadily declining to a value around 0.57 in 2004. The U.S. dollar share then spikes to around 1 by 2006 and remains around 1 through 2009 before steadily declining to a value of 0.8 in 2012. From 2013 through 2015 it hovers around a value of 0.83 before declining to a value around 0.5 in 2018. In 2019 and 2020, the U.S. dollar share recovers to a level around 0.75, where it roughly stays through 2025. In 2014, there is light gray shading in the plot region, marking the period where gold reserves shifted out of the U.S.

Figure 1c: “U.S. Dollar Share of French FX Reserves”
This is a line chart showing annual data from 2021 through 2025 with the y-axis measuring the fraction of France’s foreign exchange reserves held in U.S. dollar assets and ranging from 0 to 1. The black line plotted begins at a value around 0.8 in 2021 and remains around there in 2022 before declining to around 0.6 in 2023, where it remains for 2024 and 2025. There are two lines plotted. The first is a dashed green line showing estimated foreign official holdings of Treasuries excluding those of France, Germany, Italy, and the IMF. For 2025, there is light gray shading in the plot region, marking the period where gold reserves were shifted out of the U.S.

Figure 1d: “Recent U.S. Dollar Share of Dutch FX Reserves”
This is a line chart showing monthly data from January through August 2026. The y-axis measures the fraction of the Netherlands’ foreign exchange reserves held in U.S. dollar assets and ranges from 0 to 1. The black line plotted begins at a value around 0.7 in January 2026 and stays there in February before declining to a value around 0.6 in March. It remains around 0.6 thereafter through August. From March through August, there is light gray shading in the plot region, marking the period where gold reserves shifted out of the U.S.

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