Maintenance in progress

for the first time in omfif survey history, more central banks plan to reduce dollar holdings than increase them over the next decade. the survey attributes the shift to us foreign policy unpredictability, the tariff agenda, and geopolitical risk now associated with dollar-denominated assets, including the hormuz supply shock. a structural preference shift in official reserve composition — not just portfolio trimming — is an anomalous movement in the architecture of global monetary order.

official monetary and financial institutions forum survey, european policy source