Mon, 17 Jan 2022

S.Korea's foreign reserves fall in November

Xinhua
03 Dec 2021, 18:44 GMT+10

SEOUL, Dec. 3 (Xinhua) -- South Korea's foreign reserves posted the first fall in five months in November owing to the lower conversion value of non-U.S. dollar assets, central bank data showed Friday.

Foreign currency reserves amounted to 463.91 billion U.S. dollars at the end of November, down 5.3 billion dollars from the record high of 469.21 billion dollars tallied a month earlier, according to the Bank of Korea (BOK).

After breaking the previous records from July to October, the foreign reserves marked the first slide in five months last month as the strong dollar reduced the conversion value of non-U.S. dollar assets.

The European single currency retreated 3.3 percent versus the dollar in November, while the British pound and the Australian dollar declined 3.5 percent and 5.2 percent each to the dollar.

The country's foreign reserves were composed of 420.94 billion dollars of securities, 18.19 billion dollars of deposits, 4.79 billion dollars of gold bullion, 15.35 billion dollars of special drawing rights and 4.63 billion dollars of the IMF position.

South Korea was the world's eighth-largest holder of foreign reserves as of end-October, one notch up from a month earlier.

More South Korea News

Access More

Sign up for Seoul News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!