How many months of imports emerging-market reserves would cover. 6 series: South Africa, Brazil, India, Turkey, Egypt, Nigeria. Latest, 2025: South Africa 6.2; Brazil 8.4; India 7.9; Turkey 5.1; Egypt 4.4; Nigeria 7.1.
Three months is the conventional floor for adequacy.
See also: Laurence Wilse-Samson, "Global Finance: A Money View", chapter 3, The International Dimension; Laurence Wilse-Samson, "Global Finance: A Money View", chapter 21, Emerging Market Finance; African country cards: "The African Economy: The Growth Century"
Classroom exerciseRank the six countries by months of import cover in the latest year and in 2015. Which fall below the three-month rule of thumb? Then explain why import cover can mislead for a country with large short-term external debt, and name the measure the chapter prefers. Teach page
Cite asBalance of Power, "How many months of imports emerging-market reserves would cover", data through 2025. Source: World Bank WDI (FI.RES.TOTL.MO).
| Date | South Africa | Brazil | India | Turkey | Egypt | Nigeria |
|---|---|---|---|---|---|---|
| 2018 | 4.8 | 13.2 | 6.9 | 4.2 | 5.9 | 6.1 |
| 2019 | 5.4 | 12.2 | 8.3 | 5.2 | 5.8 | 4.2 |
| 2020 | 7.1 | 14.9 | 12.9 | 4.6 | 5.6 | 5.8 |
| 2021 | 5.6 | 11.1 | 9.8 | 4.4 | 4.4 | 6.4 |
| 2022 | 4.9 | 8.3 | 7.0 | 3.9 | 3.3 | 4.8 |
| 2023 | 5.3 | 9.4 | 8.0 | 4.2 | 3.9 | 5.1 |
| 2024 | 5.7 | 8.0 | 7.5 | 4.7 | 4.5 | 7.2 |
| 2025 | 6.2 | 8.4 | 7.9 | 5.1 | 4.4 | 7.1 |
| Column | Source | Series key | Status | Data through |
|---|---|---|---|---|
za | worldbank | ZA/FI.RES.TOTL.MO | live | 2025 |
br | worldbank | BR/FI.RES.TOTL.MO | live | 2025 |
in | worldbank | IN/FI.RES.TOTL.MO | live | 2025 |
tr | worldbank | TR/FI.RES.TOTL.MO | live | 2025 |
eg | worldbank | EG/FI.RES.TOTL.MO | live | 2025 |
ng | worldbank | NG/FI.RES.TOTL.MO | live | 2025 |