Korea Deficit Nears 111 Trillion Won: Spending Exceeds Tax Revenue
- South Korea's foreign exchange reserves totaled 1,289.4 trillion won (approximately $877.7 billion) as of November 30, 2023, marking an increase of 148.3 trillion won (roughly $101.0 billion) compared...
- The increase in South Korea's foreign exchange reserves reflects a combination of factors, including valuation gains from changes in exchange rates and operational inflows.
- According to the Ministry of Economy and Finance (official website), the reserves are intended to safeguard the economy against external shocks and maintain financial stability.
South Korea’s Foreign Exchange Reserves Rise
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South Korea’s foreign exchange reserves totaled 1,289.4 trillion won (approximately $877.7 billion) as of November 30, 2023, marking an increase of 148.3 trillion won (roughly $101.0 billion) compared to the end of 2022.
Details of Reserve Increase
The increase in South Korea’s foreign exchange reserves reflects a combination of factors, including valuation gains from changes in exchange rates and operational inflows. The Bank of Korea (official website) manages these reserves.
According to the Ministry of Economy and Finance (official website), the reserves are intended to safeguard the economy against external shocks and maintain financial stability.
Currency Valuation
The reported values are based on exchange rates as of November 30, 2023. 1,289.4 trillion won equates to approximately $877.7 billion, using an exchange rate of roughly 1,467.48 won per U.S.dollar.similarly, 148.3 trillion won is equivalent to about $101.0 billion at the same exchange rate.
The Bank of Korea‘s press release confirms these figures.
Recent Updates (as of January 16, 2026)
As of January 16, 2026, the Bank of Korea reports that South Korea’s foreign exchange reserves stood at $488.65 billion as of December 2025, a decrease from the November 2023 level. Bank of Korea data indicates this decrease is primarily due to interventions in the foreign exchange market to stabilize the Korean won against the U.S. dollar. The won has experienced volatility due to global economic conditions and geopolitical factors. Further details are available in the bank of Korea’s monthly foreign exchange reserve report.