For the first time in the history of modern reserve management, more central banks plan to shrink their US dollar holdings than expand them. That’s the headline finding from a survey of 90 central banks and sovereign wealth funds collectively managing roughly $10 trillion in assets.
The survey, published by the Official Monetary and Financial Institutions Forum (OMFIF), marks a genuine inflection point. Central banks have been quietly diversifying away from the dollar for years, but this is the first time the balance of intentions has actually tipped negative over a forward-looking decade.
The numbers behind the shift
The dollar still accounts for an estimated 56-58% of global reserves. But that figure used to sit above 70%.
A full 79% of central bank respondents in the OMFIF survey said they see the global monetary system moving toward a multipolar world.
