Eritrea: Foreign exchange reserves including gold, billion USD
For that indicator, The World Bank provides data for Eritrea from 1995 to 2011. The average value for Eritrea during that period was 0.07 billion U.S. dollars with a minumum of 0.02 billion U.S. dollars in 2003 and a maximum of 0.23 billion U.S. dollars in 1997.
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The reserves of Eritrea and other countries include their holdings of foreign currencies and gold. These are the reserves of the central bank and the treasury of the country, not the private sector.
When countries export products or attract investment from other countries, they receive foreign currencies. They use some of these currencies to buy imports and to invest in other countries. The rest is held in reserves and some of the reserves may be converted to gold.
Definition: Total reserves comprise holdings of monetary gold, special drawing rights, reserves of IMF members held by the IMF, and holdings of foreign exchange under the control of monetary authorities. The gold component of these reserves is valued at year-end (December 31) London prices. Data are in current U.S. dollars.