Key points
- Adjusted for exchange rate movements, external liabilities increased by $309.3 billion during 2026 Q1. By region, the largest increase in liabilities was to Advanced Economies ($194.8 billion), where the largest increase by country was against USA ($133.4 billion).
- Adjusted for exchange rate movements, external claims increased by $372.5 billion during 2026 Q1. By region, the largest increase in claims was in Advanced Economies ($320.3 billion), where the largest increase by country was against USA ($203.4 billion).
Table A: Regional breakdown of external claims and liabilities (US$ billion)
|
Exchange rate adjusted flows |
Amounts outstanding |
|||
|---|---|---|---|---|
|
|
Q3 |
Q4 |
Q1 |
End-Mar 2026 |
|
2025 |
2025 |
2026 |
||
|
Liabilities to: |
||||
|
Advanced Economies |
179.6 |
91.5 |
194.8 |
4,939.0 |
|
Emerging Market and Developing Economies |
-10.4 |
6.3 |
65.7 |
652.0 |
|
International Organisations & Other |
35.5 |
16.3 |
48.8 |
1,171.1 |
|
Total |
204.7 |
114.0 |
309.3 |
6,762.2 |
|
Claims on: |
||||
|
Advanced Economies |
154.1 |
54.5 |
320.3 |
5,861.4 |
|
Emerging Market and Developing Economies |
24.6 |
19.9 |
30.6 |
575.3 |
|
International Organisations & Other |
16.6 |
35.5 |
21.6 |
304.8 |
|
Total |
195.2 |
109.9 |
372.5 |
6,741.5 |
Exchange rate adjusted flows of external liabilities and claims: Advanced Economies
Table B: Amounts outstanding and exchange rate adjusted flows of liabilities by country: Advanced Economies - 2026 Q1 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
United States |
1,926.1 |
133.4 |
762.0 |
43.7 |
1,164.0 |
89.7 |
|
Japan |
199.4 |
21.5 |
111.5 |
-1.0 |
87.9 |
22.5 |
|
|
Australia |
80.3 |
12.9 |
43.4 |
5.0 |
37.0 |
7.9 |
|
|
Spain |
69.0 |
12.4 |
63.9 |
12.5 |
5.1 |
0.0 |
|
|
Cayman Islands |
158.1 |
12.2 |
17.6 |
-0.3 |
140.5 |
12.5 |
|
|
Largest decreases |
Sweden |
9.5 |
-1.3 |
5.9 |
-0.1 |
3.6 |
-1.3 |
|
Denmark |
6.9 |
-1.5 |
1.8 |
0.6 |
5.1 |
-2.1 |
|
|
South Korea |
14.7 |
-1.5 |
8.6 |
-1.1 |
6.1 |
-0.4 |
|
|
Switzerland |
259.0 |
-10.4 |
163.4 |
-5.8 |
95.6 |
-4.6 |
|
|
Norway |
92.9 |
-39.0 |
85.3 |
-43.9 |
7.5 |
4.9 |
|
Table C: Amounts outstanding and exchange rate adjusted flows of claims by country: Advanced Economies - 2026 Q1 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
United States |
2,354.5 |
203.4 |
755.6 |
54.3 |
1,598.9 |
149.1 |
|
Japan |
435.6 |
42.7 |
212.8 |
-15.8 |
222.8 |
58.5 |
|
|
Germany |
442.3 |
22.3 |
365.8 |
1.7 |
76.5 |
20.6 |
|
|
Canada |
333.4 |
21.1 |
264.2 |
19.7 |
69.2 |
1.4 |
|
|
France |
521.0 |
16.4 |
436.7 |
5.4 |
84.3 |
11.0 |
|
|
Largest decreases |
South Korea |
21.8 |
-1.0 |
12.0 |
-1.8 |
9.8 |
0.8 |
|
Switzerland |
241.0 |
-1.3 |
180.2 |
-14.0 |
60.8 |
12.6 |
|
|
Singapore |
105.9 |
-3.4 |
58.2 |
4.1 |
47.7 |
-7.6 |
|
|
Luxembourg |
233.6 |
-3.9 |
8.4 |
-0.4 |
225.2 |
-3.5 |
|
|
Norway |
104.5 |
-51.0 |
93.3 |
-54.9 |
11.3 |
3.9 |
|
Exchange rate adjusted flows of external liabilities and claims: Emerging Market and Developing Economies
Table D: Amounts outstanding and exchange rate adjusted flows of liabilities by country: Emerging Market and Developing Economies - 2026 Q1 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Saudi Arabia |
80.8 |
18.5 |
58.5 |
13.7 |
22.3 |
4.9 |
|
China |
117.4 |
13.9 |
111.5 |
14.1 |
5.9 |
-0.2 |
|
|
Qatar |
47.6 |
9.5 |
12.6 |
1.6 |
35.1 |
7.8 |
|
|
United Arab Emirates |
80.3 |
7.3 |
35.5 |
2.2 |
44.8 |
5.0 |
|
|
Poland |
14.8 |
4.7 |
13.4 |
4.9 |
1.4 |
-0.2 |
|
|
Largest decreases |
Peru |
4.0 |
-1.4 |
3.2 |
-1.4 |
0.8 |
0.0 |
|
Azerbaijan |
1.5 |
-1.9 |
0.1 |
-0.3 |
1.3 |
-1.6 |
|
|
Kuwait |
30.5 |
-2.1 |
9.5 |
-3.4 |
21.0 |
1.3 |
|
|
Kazakhstan |
6.6 |
-2.2 |
3.4 |
-1.9 |
3.3 |
-0.3 |
|
|
Turkey |
17.3 |
-2.5 |
11.8 |
-2.9 |
5.6 |
0.4 |
|
Table E: Amounts outstanding and exchange rate adjusted flows of claims by country: Emerging Market and Developing Economies - 2026 Q1 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
United Arab Emirates |
121.0 |
16.6 |
56.2 |
6.6 |
64.8 |
10.0 |
|
Saudi Arabia |
47.1 |
7.6 |
14.3 |
0.6 |
32.8 |
6.9 |
|
|
Poland |
13.4 |
3.2 |
9.1 |
2.8 |
4.3 |
0.4 |
|
|
India |
32.9 |
2.7 |
21.1 |
1.7 |
11.8 |
1.1 |
|
|
Qatar |
69.0 |
2.0 |
46.9 |
-2.4 |
22.1 |
4.4 |
|
|
Largest decreases |
China |
42.5 |
-0.7 |
32.6 |
-1.6 |
9.9 |
0.9 |
|
Bahrain |
9.6 |
-1.2 |
8.5 |
-1.2 |
1.1 |
0.0 |
|
|
Turkey |
32.4 |
-1.4 |
21.3 |
0.1 |
11.1 |
-1.5 |
|
|
Philippines |
1.7 |
-1.6 |
3.0 |
-0.9 |
-1.3 |
-0.7 |
|
|
Egypt |
13.3 |
-3.3 |
6.7 |
0.7 |
6.7 |
-4.0 |
|
Queries
If you have any comments or queries about this data release, please email dsd_ibs@bankofengland.co.uk
Next release date: 4 September 2026
