S. Korea's Foreign Reserves Drop for First Time in Seven Months
Foreign currency holdings decreased by 2.60 billion U.S. dollars month-over-month, settling at 428.05 billion dollars by December's close—snapping a six-month upward streak, the Bank of Korea (BOK) reported.
The reversal resulted from authorities deploying market stabilization operations to curb foreign exchange turbulence, which counterbalanced positive factors including increased foreign currency deposits and appreciation in the converted valuation of non-dollar denominated assets.
The won-dollar exchange rate had surged to 1,470.6 won per dollar at November's end from 1,424.4 won the prior month, before moderating to 1,439.50 won by December 31 following stabilization interventions.
The nation's reserve composition consisted of 371.12 billion dollars in securities, 31.87 billion dollars held in deposits, 15.89 billion dollars in special drawing rights, 4.79 billion dollars worth of gold bullion, and 4.37 billion dollars in IMF positions.
The Asian economy maintained its position as the world's ninth-largest foreign reserve holder as of November's end, unchanged from the previous month.
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