Table 3 Excess reserves (US dollars,...

Table 3

Excess reserves (US dollars, billions) and (percent of GDP) in some emerging market economies in 2018

Country	Excess reserves (US dollars, billions) and (percent of GDP)
	Three months of imports (M)		(M) + (STD)		(M) + (STD) + 5% of broad money (M2)		IMF assessing reserve adequacy (ARA) approach
	US dollars, billions	% GDP	US dollars, billions	% GDP	US dollars, billions	% GDP	US dollars, billions	% GDP
Emerging Market Economies	4183.49	16.37	1771.62	6.93	−192.78	−0.75	328.20	1.28
China, P.R.: Mainland	2454.86	18.04	1235.96	9.08	−90.55	−0.67	−451.67	−3.32
Brazil	307.518	16.31	240.67	12.76	161.55	8.57	148.63	7.88
Russia	295.759	17.84	247.46	14.93	202.41	12.21	222.79	13.44
Korea, Republic of	236.473	14.60	131.74	8.14	−38.54	−2.38	–	–
India	213.685	7.86	109.51	4.03	−1.53	−0.06	102.83	3.78
Thailand	128.382	25.42	68.08	13.48	36.96	7.32	101.78	20.15
Indonesia	62.763	6.02	14.80	1.42	−5.76	−0.55	12.75	1.22
Peru	46.04	20.73	36.04	16.23	31.45	14.16	34.41	15.50
Mexico	45.810	3.75	−15.29	−1.25	−37.86	−3.10	22.65	1.86
Malaysia	44.516	12.41	−74.87	−20.88	−96.77	−26.99	10.79	3.01
Argentina	42.280	8.13	−25.30	−4.87	−27.17	−5.23	5.50	1.06
Poland	35.317	6.03	−15.26	−2.61	−34.61	−5.91	12.42	2.12
Egypt	19.527	7.78	9.19	3.66	−0.46	−0.18	−10.55	−4.21
South Africa	19.251	5.23	−17.38	−4.72	−29.72	−8.07	−25.38	−6.89
Chile	18.586	6.23	−1.52	−0.51	−11.26	−3.78	−4.51	−1.51
Bulgaria	16.671	25.60	6.98	10.71	4.26	6.54	10.19	15.64
Turkey	10.965	1.42	−104.46	−13.54	−123.40	−16	−50.68	−6.57
Romania	10.699	4.47	−5.16	−2.16	−9.84	−4.11	8.73	3.65
Venezuela	−1.508	−0.79	−47.73	−24.94	−47.98	−25.07	–	–
Hungary	−1.73	−1.10	−23.38	−14.81	−27.94	−17.70	0.37	0.23

Country	Excess reserves (US dollars, billions) and (percent of GDP)
	Three months of imports (M)		(M) + (STD)		(M) + (STD) + 5% of broad money (M2)		IMF assessing reserve adequacy (ARA) approach
	US dollars, billions	% GDP	US dollars, billions	% GDP	US dollars, billions	% GDP	US dollars, billions	% GDP
Emerging Market Economies	4183.49	16.37	1771.62	6.93	−192.78	−0.75	328.20	1.28
China, P.R.: Mainland	2454.86	18.04	1235.96	9.08	−90.55	−0.67	−451.67	−3.32
Brazil	307.518	16.31	240.67	12.76	161.55	8.57	148.63	7.88
Russia	295.759	17.84	247.46	14.93	202.41	12.21	222.79	13.44
Korea, Republic of	236.473	14.60	131.74	8.14	−38.54	−2.38	–	–
India	213.685	7.86	109.51	4.03	−1.53	−0.06	102.83	3.78
Thailand	128.382	25.42	68.08	13.48	36.96	7.32	101.78	20.15
Indonesia	62.763	6.02	14.80	1.42	−5.76	−0.55	12.75	1.22
Peru	46.04	20.73	36.04	16.23	31.45	14.16	34.41	15.50
Mexico	45.810	3.75	−15.29	−1.25	−37.86	−3.10	22.65	1.86
Malaysia	44.516	12.41	−74.87	−20.88	−96.77	−26.99	10.79	3.01
Argentina	42.280	8.13	−25.30	−4.87	−27.17	−5.23	5.50	1.06
Poland	35.317	6.03	−15.26	−2.61	−34.61	−5.91	12.42	2.12
Egypt	19.527	7.78	9.19	3.66	−0.46	−0.18	−10.55	−4.21
South Africa	19.251	5.23	−17.38	−4.72	−29.72	−8.07	−25.38	−6.89
Chile	18.586	6.23	−1.52	−0.51	−11.26	−3.78	−4.51	−1.51
Bulgaria	16.671	25.60	6.98	10.71	4.26	6.54	10.19	15.64
Turkey	10.965	1.42	−104.46	−13.54	−123.40	−16	−50.68	−6.57
Romania	10.699	4.47	−5.16	−2.16	−9.84	−4.11	8.73	3.65
Venezuela	−1.508	−0.79	−47.73	−24.94	−47.98	−25.07	–	–
Hungary	−1.73	−1.10	−23.38	−14.81	−27.94	−17.70	0.37	0.23

Data: IMF, International Financial Statistics (IFS) World Bank, World Development Indicators and Assessing Reserve Adequacy (ARA) approach data is available online at: https://www.imf.org/external/datamapper/ARA/index.html

Source(s): Authors' calculations

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