on the topic of Direct investments

In response to financial crises since the 1990s, the International Monetary Fund (IMF) has developed standards to promote data transparency and support the credibility of statistical systems.

The external assets of the banks (more than 2 trillion euros) are significantly higher than the external liabilities.

Germany’s gross external debt amounted to €6.8 trillion at the end of 2025; relative to gross domestic product (GDP) it remained unchanged in the period under review.

The global economy is under pressure: the pandemic, the war in Ukraine and the conflicts in the Middle East have heightened geopolitical tensions. Germany, a large open economy with a gross international investment position of over €14 trillion, is particularly affected by this. In the current edition of the Monthly Report, our experts analyse changes in Germany’s external assets against the backdrop of the current geopolitical situation.

Bundesbank’s external position stood at €933 billion at the end of April 2026, with claims from the TARGET2 payment system worth €1059 billion making up around 66 % of total assets. These are followed by international reserves, comprising gold and foreign exchange reserves, including the special drawing rights allocated by the International Monetary Fund (IMF), which account for a total of 26 % of assets. At 88 %, issuance of euro cash accounted for the bulk of liabilities. Deposits of non-euro area residents amount to 5 % of foreign liabilities.