5 Countries With The Largest Foreign Reserves in 2023

4. India

Total forex reserves as at October 2023 (in millions): $586,100

As India’s economic importance grows, so has its foreign reserves, and more and more countries are investing in India, leading to higher Foreign Direct Investment. Other contributors to India being among the countries with the largest foreign reserves in 2023 include greater IT and service exports, with said reserves being used for the management of monetary policies and maintaining exchange rates.