France’s Foreign Exchange Reserves Hit a Record High

Forex News—In September 2024, France’s foreign exchange reserves reached an all-time high of EUR 260.783 billion, up from EUR 254.092 billion in August 2024. This is the largest reserve ever recorded since data collection began in 1972.

Rise in Gold and IMF Holdings Boost Reserves

The primary reason for this growth was an increase in France’s gold reserves, which increased by EUR 6.744 billion. Another contributing factor was a rise in France’s claims on the International Monetary Fund (IMF), which saw a modest gain of EUR 13.0 million.

However, not all areas experienced growth. France’s foreign currency reserves fell by a significant EUR 30.014 billion during the same period. Additionally, other types of reserve assets also saw a decline, dropping by EUR 6.221 billion.

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A Balance of Gains and Losses

Although there were drops in certain areas, the overall growth in reserves shows a balance between gains in gold and IMF holdings and the losses in foreign currency and other assets.

This marks a critical point for France’s economy, with a strong position in its gold and IMF reserves providing some stability despite the reductions elsewhere.