IMF data shows the US dollar’s global reserve share fell to 56.32% in the second quarter of 2025.
The headline decline initially appeared to reinforce claims of accelerating global dedollarization.
The IMF said 92% of the reported decline was caused by exchange-rate movements rather than selling.
When adjusted for constant exchange rates, the dollar’s reserve share declined by only 0.12 points.
The adjusted figure stood at 57.67%, indicating central banks largely maintained dollar holdings.
The COFER report tracks foreign exchange reserves from 149 reporting economies worldwide.
Large currency swings during early 2025 distorted headline reserve composition data.
The DXY index fell more than 10% in the first half of the year.
The dollar weakened 7.9% against the euro and 9.6% versus the Swiss franc.
These moves mechanically reduced the reported dollar share in reserve statistics.
Exchange-rate–adjusted data shows minimal active portfolio reallocation by central banks.
The euro’s reserve share appeared to rise to 21.13% in headline figures.
After adjustment, the euro’s share declined slightly, indicating trimmed holdings.