Madagascar Foreign Reserves
Total reserves including gold FI.RES.TOTL.CD
Madagascar's foreign reserves was $2.9B in 2025, ranked 114th globally. This represents a 5.9% increase from 2024. Data from World Bank, covering 1962–2025.
Overview
Madagascar's foreign reserves stood at $2.9B in 2025, a rise of +$165.3M from 2024. Based on recent trends, this figure is projected to reach $2.9B by 2025. Madagascar ranked 114th globally.
Madagascar’s foreign‑exchange reserves have risen dramatically over the 64‑year span from a modest 48,000,000.00 in 1962 to an all‑time high of 2,949,882,935.54 in 2025, placing the island nation at rank 114 globally. The trajectory was not linear; a sharp contraction to a trough of 5,039,519.96 in 1979 reflected the severe balance‑of‑payments pressures of the late 1970s, after which gradual accumulation resumed, accelerated by export diversification and modest debt‑service relief. By 2025 the reserve stock surpasses that of Haiti (2,620,144,591.91) and approaches the levels of the Bahamas (3,032,792,244.29), highlighting Madagascar’s relative progress among low‑income peers. The sustained build‑up suggests improved external liquidity, yet the stock remains vulnerable to commodity price shocks and external debt dynamics. Continued fiscal prudence and diversification of export markets will be crucial to maintain the upward trend and avoid a reversal toward earlier lows.
Data & projection
| Year | Foreign Reserves | YoY change | Rank |
|---|---|---|---|
| 2027* trend | $3.3B | - | - |
| 2026* trend | $3.1B | - | - |
| 2025* trend | $2.9B | - | - |
| 2025 | $2.9B | +$165.3M | #114 |
| 2024 | $2.8B | +$152.6M | #103 |
| 2023 | $2.6B | +$472.1M | #114 |
| 2022 | $2.2B | −$174.7M | #118 |
| 2021 | $2.3B | +$353.8M | #118 |
| 2020 | $2.0B | +$287.6M | #117 |
| 2019 | $1.7B | −$46.4M | #114 |
| 2018 | $1.7B | +$139.4M | #116 |
| 2017 | $1.6B | +$416.5M | #116 |
| 2016 | $1.2B | +$351.7M | #116 |
| 2015 | $832.0M | +$58.2M | #128 |
| 2014 | $773.8M | −$2.3M | #133 |
| 2013 | $776.1M | −$276.7M | #136 |
| 2012 | $1.1B | −$81.7M | #124 |
| 2011 | $1.1B | +$111.6M | #122 |
Detected Pattern
Analysis
Madagascar matched the Export Boom Cycle pattern in 2016. Historically, 71% of countries showing this pattern (546 out of 768) saw foreign reserves improve within 24 months. View full analysis →
Frequently Asked Questions
Madagascar's foreign reserves was $2.9B in 2025. Ranked 114th globally. This represents a 5.9% increase from the previous year.
Madagascar's foreign reserves peaked at $2.9B in 2025.
The lowest foreign reserves in Madagascar was $5.0M in 1979.
Madagascar ranks 114th globally in foreign reserves as of 2025.
The World Bank indicator code is FI.RES.TOTL.CD. Data sourced from World Bank.
Madagascar's foreign reserves is projected to reach $2.9B by 2025 based on trend extrapolation.
Madagascar's foreign reserves was approximately 2.95 billion ($2.9B) in 2025.
The foreign reserves of Madagascar in 2025 was $2.9B. This ranks 114th in the world.
Cite this page
@misc{historysaid_madagascar_reserves,
title = {Madagascar Foreign Reserves},
url = {https://historysaid.com/madagascar/reserves/},
publisher = {HistorySaid},
year = {2026}
}