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S. Korea's foreign reserves fall for 3rd month in October

SEOUL
2023-11-03 13:56

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SEOUL, Nov. 3 (Xinhua) -- South Korea's foreign reserves fell for the third consecutive month due to the use of the reserves to mitigate the foreign exchange market volatility, central bank data showed Friday.

Foreign currency reserves reached 412.87 billion U.S. dollars at the end of October, down 1.24 billion dollars from a month earlier, according to the Bank of Korea (BOK).

The authorities used the foreign reserves to lower the foreign exchange market volatility, contributing to the falling reserves.

The country's foreign reserves were composed of 369.98 billion dollars of securities, 18.87 billion dollars of deposits, 14.77 billion dollars of special drawing rights, 4.79 billion dollars of gold bullion and 4.45 billion dollars of the IMF position.

South Korea was the world's ninth-largest holder of foreign reserves at the end of September, unchanged from the previous month.
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