Key points
- Adjusted for exchange rate movements, external liabilities increased by $62.3 billion during 2026 Q2. By region, the largest increase in liabilities was to Advanced Economies ($45.9 billion), where the largest increase by country was to Norway ($39.7 billion).
- Adjusted for exchange rate movements, external claims increased by $1.2 billion during 2026 Q2. By region, the largest increase in claims was on International Organisations & Other ($9.9 billion) and was offset by decrease in claims on Advanced Economies ($16.6 billion).
Table A: Regional breakdown of external claims and liabilities (US$ billion)
|
Exchange rate adjusted flows |
Amounts outstanding |
|||
|---|---|---|---|---|
|
|
Q4 |
Q1 |
Q2 |
End-Jun 2026 |
|
2025 |
2026 |
2026 |
||
|
Liabilities to: |
||||
|
Advanced Economies |
70.9 |
215.4 |
45.9 |
4,974.0 |
|
Emerging Market and Developing Economies |
4.5 |
67.5 |
-14.3 |
637.4 |
|
International Organisations & Other |
15.6 |
48.9 |
30.7 |
1,219.0 |
|
Total |
91.0 |
331.7 |
62.3 |
6,830.4 |
|
Claims on: |
||||
|
Advanced Economies |
53.5 |
321.3 |
-16.6 |
5,827.0 |
|
Emerging Market and Developing Economies |
19.9 |
30.6 |
7.9 |
582.8 |
|
International Organisations & Other |
22.4 |
34.7 |
9.9 |
310.9 |
|
Total |
95.8 |
386.6 |
1.2 |
6,720.7 |
Chart 2: Exchange rate adjusted flows of claims by counterpart sector and region 2026 Q2 (US$ billion)
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 Q2 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Norway |
132.5 |
40.0 |
118.5 |
33.4 |
14.0 |
6.6 |
|
France |
310.1 |
17.8 |
271.1 |
13.9 |
39.1 |
3.9 |
|
|
Hong Kong |
176.7 |
16.3 |
87.9 |
3.1 |
88.8 |
13.2 |
|
|
Netherlands |
145.7 |
15.3 |
60.7 |
-1.7 |
85.1 |
17.0 |
|
|
Spain |
79.6 |
10.9 |
74.7 |
11.1 |
4.9 |
-0.2 |
|
|
Largest decreases |
Germany |
460.9 |
-13.2 |
415.6 |
-10.6 |
45.3 |
-2.6 |
|
Switzerland |
244.2 |
-14.1 |
159.9 |
-3.0 |
84.3 |
-11.2 |
|
|
United States |
1,909.4 |
-15.3 |
729.2 |
-32.8 |
1,180.2 |
17.5 |
|
|
Cayman Islands |
140.4 |
-17.4 |
17.7 |
0.1 |
122.7 |
-17.5 |
|
|
Japan |
175.5 |
-21.6 |
108.9 |
-1.5 |
66.5 |
-20.2 |
|
Table C: Amounts outstanding and exchange rate adjusted flows of claims by country: Advanced Economies - 2026 Q2 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Norway |
135.4 |
31.1 |
122.7 |
29.6 |
12.7 |
1.5 |
|
Cayman Islands |
235.4 |
29.4 |
14.6 |
-1.3 |
220.7 |
30.7 |
|
|
France |
537.3 |
19.6 |
446.4 |
12.3 |
90.9 |
7.3 |
|
|
Hong Kong |
115.3 |
14.5 |
30.8 |
4.7 |
84.5 |
9.8 |
|
|
Canada |
346.0 |
13.0 |
272.7 |
8.7 |
73.3 |
4.3 |
|
|
Largest decreases |
Germany |
433.3 |
-6.8 |
353.7 |
-10.4 |
79.5 |
3.6 |
|
Luxembourg |
224.0 |
-9.4 |
12.9 |
4.6 |
211.0 |
-14.0 |
|
|
Switzerland |
225.2 |
-15.3 |
165.2 |
-14.7 |
59.9 |
-0.6 |
|
|
Japan |
375.1 |
-54.1 |
210.0 |
0.5 |
165.1 |
-54.6 |
|
|
United States |
2,280.9 |
-72.0 |
679.5 |
-76.1 |
1,601.4 |
4.0 |
|
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 Q2 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
United Arab Emirates |
90.3 |
10.1 |
35.9 |
0.5 |
54.3 |
9.6 |
|
China |
122.5 |
5.1 |
114.9 |
3.4 |
7.6 |
1.7 |
|
|
Poland |
17.9 |
3.2 |
16.1 |
2.8 |
1.8 |
0.4 |
|
|
Mexico |
18.2 |
3.1 |
14.4 |
2.4 |
3.8 |
0.7 |
|
|
Peru |
5.1 |
1.1 |
4.3 |
1.1 |
0.8 |
0.0 |
|
|
Largest decreases |
Kuwait |
28.7 |
-1.8 |
9.3 |
-0.2 |
19.4 |
-1.6 |
|
Angola |
9.4 |
-3.1 |
1.0 |
-0.4 |
8.4 |
-2.7 |
|
|
Turkey |
12.0 |
-5.3 |
7.7 |
-4.1 |
4.4 |
-1.2 |
|
|
Qatar |
37.5 |
-10.1 |
13.3 |
0.7 |
24.2 |
-10.9 |
|
|
Saudi Arabia |
67.6 |
-13.3 |
51.4 |
-7.1 |
16.2 |
-6.2 |
|
Table E: Amounts outstanding and exchange rate adjusted flows of claims by country: Emerging Market and Developing Economies - 2026 Q2 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Turkey |
36.8 |
4.5 |
24.2 |
3.0 |
12.6 |
1.5 |
|
Egypt |
16.9 |
3.6 |
6.4 |
-0.3 |
10.6 |
3.9 |
|
|
Nigeria |
29.1 |
2.6 |
22.2 |
1.2 |
6.9 |
1.3 |
|
|
Kuwait |
7.0 |
2.3 |
3.3 |
0.6 |
3.7 |
1.7 |
|
|
Philippines |
3.8 |
2.1 |
4.8 |
1.8 |
-1.1 |
0.2 |
|
|
Largest decreases |
Brazil |
47.7 |
-1.1 |
21.8 |
-0.8 |
25.9 |
-0.3 |
|
Qatar |
67.1 |
-1.9 |
44.5 |
-2.4 |
22.6 |
0.6 |
|
|
Malaysia |
2.9 |
-2.0 |
2.3 |
-2.1 |
0.6 |
0.1 |
|
|
South Africa |
14.5 |
-2.2 |
11.0 |
-0.1 |
3.5 |
-2.1 |
|
|
China |
38.2 |
-4.4 |
28.6 |
-4.1 |
9.6 |
-0.3 |
|
Queries
If you have any comments or queries about this data release, please email dsd_ibs@bankofengland.co.uk
Next release date: 4 December 2026
