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Foreign exchange reserves fall by $19.7 billion, the most since the financial crisis
The combination of market intervention to stem exchange rate inflation and the decline in the value of assets in currencies other than the dollar led to a drop of nearly $20 billion in foreign exchange reserves in one month.
According to the Bank of Korea, foreign exchange reserves stood at 416.7 billion dollars at the end of September, down 19.66 billion dollars from a month earlier.
This is the largest drop since the $27.4 billion drop in October 2008, during the global financial crisis, and the second largest decline in history.
The BOK said, “Korea’s foreign exchange reserves are the 8th largest in the world at the end of August, and are still adequate.”
#Forex reserves #Rising exchange rate #Bank of Korea
Yonhap News TV Article Inquiries and Reports: KakaoTalk/Line jebo23