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Discussion Starter · #1 ·
June 24th, 2007


Nigeria, in spite of corruption in high and low places, remains a major pillar of Africa’s economy, moving alongside South Africa, Algeria and Egypt, and accounting for half of Africa’s exports, trade and Foreign Direct Investment (FDI).


BLESSING ANARO

Louis Kasekende, chief economist, African Development Bank, disclosed this recently at the Nigeria International Conference on Financial Sector Strategy in Abuja.
Kasekende said these countries altogether have a total reserve of $175-billion, while Nigeria and Algeria alone have $130-billion in foreign reserves, which is equivalent to half of their Gross Domestic Product (GDP).
These four countries are now commonly known as SANE – South Africa, Algeria, Nigeria and Egypt.
This group, Kasekende said had the potential to contribute to the capital for the development of the rest of Africa.
To this end, he said, it is necessary to have strong SANE financial markets to bring strong benefits to the rest of the continent so as to prevent a negative contagious effect.
In strengthening the African financial sector for economic growth, he said there should be proper sequencing of financial sector reforms guided by national outlook, strengthening rural access to financial services and developing long-term financing options as well as improving financial services, technology and infrastructure to promote efficiency through real-time funds transfer. Also, there is the need to improve monetary policy management and bank supervision.
Others include boosting domestic savings mobilisation to support investment, restructuring and reforming pension system, promoting long-term financing, developing capital markets, strengthening corporate governance in financial institutions and supporting financial reforms, land and company registries, credit reference bureaus, and commercial courts.
PS: Angola, Marocco, Sudan and Kenya will follow, most likely together with Ghana and Senegal!:)
 

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List of States by Foreign Exchange Reserves
Rank Country/Monetary Authority Foreign exchange reserves
(millions of USD) Date of info
— Flag of World World (sum of all countries) $ 5,888,277 April 2007
— Flag of People's Republic of China People's Republic of China
(includes Hong Kong and Macau who have different currencies) $1,349,500 March 2007
1 Flag of People's Republic of China People's Republic of China
(does not include Hong Kong and Macau central bank holdings) $ 1,202,000 March 2007
2 Flag of Japan Japan $ 911,140 May 2007
— Flag of European Union Eurozone
(EU member states which have adopted the euro, incl. ECB) $ 448,928 April 2007
3 Flag of Russia Russia $ 405,000 June 2007
4 Flag of Republic of China Taiwan $ 265,700 May 2007
5 Flag of South Korea South Korea $ 250,740 May 2007
6 Flag of India India $ 211,015 June 2007
7 Flag of Brazil Brazil $ 143,875 June 2007
8 Flag of Singapore Singapore $ 140,900 May 2007
9 Flag of Hong Kong Hong Kong $ 136,200 May 2007
10 Flag of Germany Germany $ 116,186 May 2007
11 Flag of France France $ 102,703 April 2007
12 Flag of Malaysia Malaysia $ 98,400 May 2007
13 Flag of United Kingdom United Kingdom $ 85,000 May 2007
14 Flag of Italy Italy $ 79,266 April 2007
15 Flag of Algeria Algeria $ 77,780 December 2006
16 Flag of Mexico Mexico $ 77,576 April 2007
17 Flag of Thailand Thailand $ 70,396 May 2007
18 Flag of Turkey Turkey $ 69,845 April 2007
19 Flag of Australia Australia $ 69,752 May 2007
20 Flag of United States United States $ 65,835 May 2007
21 Flag of Switzerland Switzerland $ 64,748 April 2007
22 Flag of Iran Iran $ 60,012 December 2006
23 Flag of Libya Libya $ 57,735 March 2007
24 Flag of Norway Norway $ 57,059 April 2007
— Flag of European Union European Central Bank
(ECB, reserves not wholy owned by any single EU member) $ 55,042 April 2007
25 Flag of Poland Poland $ 52,078 April 2007
26 Flag of Indonesia Indonesia $ 50,300 May 2007
27 Flag of Nigeria Nigeria $ 43,480 May 2007
28 Flag of Argentina Argentina $ 42,230 June 2007
29 Flag of Canada Canada $ 40,096 May 2007
30 Flag of Romania Romania $ 32,084 May 2007
31 Flag of Denmark Denmark $ 31,631 April 2007
32 Flag of Czech Republic Czech Republic $ 31,445 May 2007
33 Flag of Egypt Egypt $ 29,191 May 2007
34 Flag of Sweden Sweden $ 29,109 April 2007
35 Flag of Israel Israel $ 28,734 May 2007
36 Flag of South Africa South Africa $ 27,855 May 2007
37 Flag of United Arab Emirates United Arab Emirates $ 25,510 2006 est.
38 Flag of Venezuela Venezuela $ 25,407 June 2007
39 Flag of Philippines Philippines $ 25,000 April 2007
40 Flag of Saudi Arabia Saudi Arabia $ 24,959 April 2007
41 Flag of Netherlands Netherlands $ 23,551 May 2007
42 Flag of Ukraine Ukraine $ 23,501 April 2007
43 Flag of Hungary Hungary $ 23,218 April 2007
44 Flag of Kazakhstan Kazakhstan $ 21,430 June 2007
45 Flag of Morocco Morocco $ 21,386 April 2007
46 Flag of Kuwait Kuwait $ 20,764 May 2007
47 Flag of Peru Peru $ 20,757 May 2007
48 Flag of Colombia Colombia $ 20,413 May 2007
49 Flag of Lebanon Lebanon $ 19,148 March 2007
50 Flag of Spain Spain $ 18,002 April 2007
51 Flag of Slovakia Slovakia $ 17,823 April 2007
52 Flag of Chile Chile $ 17,529 April 2007
53 Flag of Vietnam Vietnam $ 16,000 May 2006
54 Flag of New Zealand New Zealand $ 15,982 April 2007
55 Flag of Iraq Iraq $ 15,650 2006 est.
56 Flag of Pakistan Pakistan $ 15,030 June 2007
57 Flag of Belgium Belgium $ 13,695 April 2007
58 Flag of Austria Austria $ 13,601 April 2007
59 Flag of Croatia Croatia $ 12,920 April 2007
60 Flag of Bulgaria Bulgaria $ 12,471 April 2007
61 Flag of Serbia Serbia $ 12,253 April 2007
62 Flag of Portugal Portugal $ 10,766 April 2007
63 Flag of Macau Macau $ 10,500 April 2007
64 Flag of Yemen Yemen $ 8,636 April 2007
65 Flag of Finland Finland $ 7,321 April 2007
66 Flag of Botswana Botswana $ 7,445 2006 est.
67 Flag of Trinidad and Tobago Trinidad and Tobago $ 6,888 2006 est.
68 Flag of Tunisia Tunisia $ 6,872 May 2007
69 Flag of Angola Angola $ 6,750 2006 est.
70 Flag of Jordan Jordan $ 6,392 March 2007
71 Flag of Qatar Qatar $ 5,755 2006 est.
72 Flag of Lithuania Lithuania $ 5,728 May 2007
73 Syria $ 5,500 2006 est.
74 Oman $ 4,908 2006 est.
75 Latvia $ 4,638 April 2007
76 Cyprus $ 4,613 2006 est.
77 Guatemala $ 3,959 2006 est.
78 Uruguay $ 3,577 April 2007
79 Sudan $ 3,552 2006 est.
80 Turkmenistan $ 3,518 2006 est.
81 Bolivia $ 3,303 2006 est.
82 Bangladesh $ 4,160 May 2007
83 Equatorial Guinea $ 3,235 2006 est.
84 Malta $ 3,065 2006 est.
85 Greece $ 3,039 April 2007
86 Uzbekistan $ 2,986 2006 est.
87 Bahrain $ 2,918 2006 est.
88 Sri Lanka $ 2,810 2006 est.
89 Estonia $ 2,789 May 2007
90 Honduras $ 2,778 2006 est.
91 Bosnia and Herzegovina $ 2,700 2006 est.
92 Cuba $ 2,618 2006 est.
93 Ecuador $ 2,514 2006 est.
94 Costa Rica $ 2,500 2006 est.
95 Tanzania $ 2,375 2006 est.
96 Iceland $ 2,362 April 2007
97 Kenya $ 2,350 2006 est.
98 Jamaica $ 2,150 2006 est.
99 Dominican Republic $ 2,106 2006 est.
100 Ghana $ 2,098 2006 est.
101 El Salvador $ 2,046 April 2007
102 Macedonia $ 1,845 2006 est.
103 Albania $ 1,812 December 2006
104 Azerbaijan $ 1,800 2006 est.
105 Belarus $ 1,565 April 2007
106 Paraguay $ 1,543 2006 est.
107 Papua New Guinea $ 1,500 May 2007.
108 Cote d'Ivoire $ 1,400 2006 est.
109 Uganda $ 1,400 2006 est.
110 Cambodia $ 1,385 2006 est.
111 Mauritius $ 1,358 2006 est.
112 Mozambique $ 1,353 2006 est.
113 Cameroon $ 1,336 2006 est.
114 Burkina Faso $ 1,328 2006 est.
115 Panama $ 1,236 2006 est.
116 Ethiopia $ 1,186 2006 est.
117 Senegal $ 1,180 2006 est.
118 Slovenia $ 1,122 April 2007
119 Armenia $ 1,121 April 2007
120 Zambia $ 1,050 2006 est.
121 Georgia $ 1000 March 2007
122 Myanmar $ 932 2006 est.
123 Ireland $ 893 April 2007
124 Gabon $ 835 2006 est.
125 Moldova $ 829 April 2007
126 Kyrgyzstan $ 821 March 2007
127 Nicaragua $ 723 2006 est.
128 Benin $ 607 2006 est.
129 Madagascar $ 563 2006 est.
130 Republic of the Congo $ 547 2006 est.
131 Lesotho $ 528 2006 est.
132 Namibia $ 480 2006 est.
133 Rwanda $ 423 2006 est.
134 Chad $ 353 2006 est.
135 Togo $ 334 2006 est.
136 Laos $ 317 2006 est.
137 Guyana $ 295 2006 est.
138 Luxembourg $ 261 April 2007
139 Swaziland $ 228 2006 est.
140 Tajikistan $ 209 2006 est.
141 Malawi $ 176 2006 est.
142 Cape Verde $ 166 2006 est.
143 Zimbabwe $ 140 2006 est.
144 Haiti $ 123 2006 est.
145 Gambia $ 88 2006 est.
146 Burundi $ 88 2006 est.
147 Belize $ 79 2006 est.
148 Samoa $ 70 2004 est.
149 Guinea $ 60 2006 est.
150 Seychelles $ 45 2006 est.
151 Tonga $ 41 2005 est.
152 Vanuatu $ 41 2003 est.
153 Eritrea $ 31 2006 est.
154 Sao Tome and Principe $ 25 2006 est.

[edit] External links

[edit] Source

* The World Factbook, CIA
* IMF's data on current foreign exchange reserves of reporting countries
* SDDS subscribers with links to their websites containing data on international reserves
* Central bank websites from Bank for International Settlements


Current account balance · Foreign exchange reserves · Imports · Exports (per capita)


"http://en.wikipedia.org/wiki/List_of_countries_by_foreign_exchange_reserves"
 
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