The percentage of reserves held in U.S. dollars by central banks has fallen to less than half of the global total of reserves, according to a note from Eurizon SLJ Asset Management. The note states that the recent sanctions enacted by the U.S. against the Bank of Russia have eroded trust in the dollar as a reserve currency.
Central Bank Dollar Reserves Hit 47% as Trust in the Currency Erodes
Central banks are beginning to diversify their reserves away from the U.S. dollar. A note issued by Eurizon SLJ Asset Management on April 17 revealed that the percentage of the reserves that central banks held in dollars hit 47% during 2022, falling sharply since 2021, when dollars represented 55%.
Analysts from the firm explain that this decline in just one year is “exceptional,” and marks an acceleration of the predicted erosion rate of the U.S. dollar.
The cause, the report states, has to do with the wide package of sanctions that the U.S. government applied to Russia due to its involvement
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