Fx reserves are falling most for oil importers, Brad Setser notes

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Iryna Sazhynska

30.03.2026

Fx reserves are falling most for oil importers, Brad Setser notes — Oil importers drive fx reserve decline

Oil exporters in the Gulf region have been subject to speculation about potential sales of their foreign exchange reserves. However, Brad Setser highlights that the most visible decrease in fx reserves currently comes from oil-importing countries, specifically Turkey and India.

Setser points out that while attention is on Gulf oil exporters, it is actually the importers facing the more significant reserve declines at this time.

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Setser has recently commented on Korea’s growing current account surplus for 2025, with accelerating equity outflows weighing on the won’s outlook. He has also noted reduced financial risk from the Gulf states as attention grows on Europe and China’s positions in global imbalances. Setser’s observations continue to focus on shifts in reserves and international flows.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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