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Global FX reserves – ‘de-dollarisation’ becomes ‘de-euroisation’ in Q1!

• The Composition of Foreign Exchange Reserves (COFER) data from the IMF for Q1 2023 has been released with the USD composition rising.
• But there continues to be evidence indicating reserve managers’ desire to diversify holdings.
• The annual OMFIF Global Public Investor 2023 survey has revealed the potential for EUR buying to pick up.