08:47 AM EDT, 06/12/2024 (MT Newswires) -- The share of the euro in global foreign exchange reserves declined by 1% at constant exchange rates to 20% in 2023, while the shares of the US dollar, Japanese yen and other non-traditional reserve currencies increased, European Central Bank said Wednesday in a new report.

Official reserve managers globally sold around 100 billion euro reserve assets last year, including 35 billion euros sold by the Swiss National Bank to support Swiss franc. The report said reserve managers held about 11.2 trillion euros in total foreign exchange reserves at the end of 2023.

Russian Central Bank's euro reserves constituted around 8% of global reserves in euro before they were immobilized in 2022, which suggests that sanction-related measures could further impact the euro's share in global reserves, the ECB said.

According to the report, the share of reserve currencies other than the US dollar and the euro increased by 0.4% at constant exchange rates last year.

Other indicators that indicate decline in the international role of the euro include the outstanding stock of international deposits, the outstanding stock of international loans, and global foreign exchange settlements. In these segments, the share of euro fell by between 1.4% and 4% last year when measured at constant exchange rates, the report said. Euro's share in foreign currency bond issuance also dropped by over 2%, however, issuance volumes in euro remained "broadly stable."