Back in the old days, a country’s strength was determined by the strength of its armed forces. Victory and defeat were decided on the field of battle, but in today’s modern world, things are no longer that simple. Every country in the world in fighting to make its economy the best in the world, because in the end the country with the most stable and powerful economy will win any conflict. Today we will be taking a look at the countries with the highest amount of foreign currency reserve in the world. Having an adequate foreign currency reserve is extremely important for a country’s economy. Without proper reserves, the economy will without a doubt grind to a halt, when the country fails to pay for crucial imports such as crude oil, or is unable to service its external debt. According to the IMF (International Monetary Fund) foreign reserve is an external asset that a country’s monetary authority can freely use to perform crucial functions for the betterment of its economy. For example. The monetary authority of a given country can even influence the rate of exchange of its native currency if they have a large enough foreign currency reserve.
If you wish to learn more about this fascinating topic, then you have come to the right place. At insider monkey’s blog page, we have come up with the list of 11 Countries With Highest Foreign Reserves. Just click on the provided link to access the full article on this topic.