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Foreign exchange reserves fall for 4th month in November
By Seo Jee-yeonPublished : Dec. 3, 2014 - 20:48
South Korea’s foreign exchange reserves declined for a fourth straight month in November due mostly to the weakening value of some currencies, data showed Wednesday.
The country’s foreign exchange reserves reached $363.1 billion as of end-November, down $630 million from the previous month, according to the Bank of Korea. It is the lowest level since May this year when the amount hit $360.9 billion.
Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and bullion.
South Korea had been setting a new monthly record for its foreign exchange reserves from June 2013 until July, when the figure fell on a weakening euro and the repayment of foreign exchange stabilization bonds.
The central bank credited the fall to a decline in the dollar conversion value of euro and British pound-denominated assets.
The euro and the pound each weakened 1.2 percent and 1.7 percent against the greenback in November, according to the data.
As of end-October, South Korea was the world’s seventh-largest holder of foreign reserves, trailing behind China, Japan, Switzerland, Russia, Taiwan and Brazil. The comparison for November data was not available. (Yonhap)
The country’s foreign exchange reserves reached $363.1 billion as of end-November, down $630 million from the previous month, according to the Bank of Korea. It is the lowest level since May this year when the amount hit $360.9 billion.
Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and bullion.
South Korea had been setting a new monthly record for its foreign exchange reserves from June 2013 until July, when the figure fell on a weakening euro and the repayment of foreign exchange stabilization bonds.
The central bank credited the fall to a decline in the dollar conversion value of euro and British pound-denominated assets.
The euro and the pound each weakened 1.2 percent and 1.7 percent against the greenback in November, according to the data.
As of end-October, South Korea was the world’s seventh-largest holder of foreign reserves, trailing behind China, Japan, Switzerland, Russia, Taiwan and Brazil. The comparison for November data was not available. (Yonhap)
