It says that comparisons between the levels of reserves held by developing and industrialised countries is meaningless, however.
Because most developing countries are net debtors, it is more important to look at a country's external debt and credit positions than its foreign currency reserves, it argues.
Japan stands out alone
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- Further US tightening risks recession – St Louis Fed president
- Cyprus ex-governor says authorities asked for false audit of failed bank
- Riksbank says all banks should be ‘obliged’ to continue cash services
- Iranian central bank looking for alternative to Swift, local media says