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The U.S. Dollar Becomes the World's Reserve Currency The U.S dollar was officially crowned the world's reserve currency and was backed by the world's largest gold reserves thanks to the Bretton Woods Agreement. Instead of gold reserves, other countries accumulated reserves of U.S. dollars.

Share This Page: The Weekly Bulletin is the record of receipt and actions taken by the OCC on applications and notices filed by national banks and federal savings associations.

Contrary to the widely cited figure that 65 percent of U.S. currency is abroad, we now find that direct evidence supports the notion that overseas holdings amount to less than 25 percent. With domestic cash holdings amounting to roughly $2250 per capita, we are far from a ?cashless society?.

Many countries cannot borrow money or pay for foreign goods in their own currencies?since much of international trade is still done in dollars?and therefore need to hold reserves to ensure a steady supply of imports during a crisis and assure creditors that debt payments denominated in foreign currency can be made.

Share This Page: The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks.

Today, foreigners hold U.S. currency for the same reasons that people once held gold coins: as a unit of account, a medium of exchange, and a store of value when the purchasing power of the domestic currency is uncertain or when other assets lack sufficient ano- nymity, portability, divisibility, liquidity, or security ...

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