Somalia: Reserves

The latest value from 1989 is 0.02 billion U.S. dollars, unchanged from 0.02 billion U.S. dollars in 1988. In comparison, the world average is 7.76 billion U.S. dollars, based on data from 136 countries. Historically, the average for Somalia from 1960 to 1989 is 0.03 billion U.S. dollars. The minimum value, 0.01 billion U.S. dollars, was reached in 1960 while the maximum of 0.13 billion U.S. dollars was recorded in 1978. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

The reserves of Somalia 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: Reserve assets are external assets, including monetary gold, that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes (such as maintaining confidence in the currency and the economy, and serving as a basis for foreign borrowing). Reserve assets must be denominated and settled in foreign currency. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.