External position of the Bundesbank

Bundesbank’s external position stood at €865 billion at the end of March 2025, with claims from the TARGET2 payment system worth €1069 billion making up around 70% 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 20% of assets. At 87%, issuance of euro cash accounted for the bulk of liabilities. Deposits of non-euro area residents amount to 6% of foreign liabilities.

International reserves and foreign currency liquidity

In the Bundesbank’s data template, Germany’s international reserves and foreign currency liquidity are presented in line with an internationally standardised template pursuant to the Special Data Dissemination Standard Plus (SDDS Plus) established by the International Monetary Fund (IMF). The common template makes the level and structure of the international reserves more transparent. It was developed by the IMF and the Committee on the Global Financial System established by the Bank for International Settlements (BIS) in response to the financial crises of the 1990s.

Euro area international reserves and foreign currency liquidity

At the euro area level, the European Central Bank (ECB) publishes the aggregate international reserves and aggregate foreign currency liquidity for the Eurosystem plus national contributions pursuant to SDDS Plus requirements.