S. Korea's FX reserves contract for first time in 5 months in November

Lee Eun-joo 입력 2021. 12. 3. 10:51 수정 2021. 12. 3. 10:51
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[Photo by Lee Seung-hwan]
South Korea’s foreign exchange reserves fell for the first time in five months in November, snapping a four-month-long record-breaking streak, due to a decline in the dollar-converted value of foreign currencies and foreign currency deposits.

According to data released by the Bank of Korea on Friday, the country’s foreign exchange reserves reached $463.91 billion as of the end of November, down $5.3 billion from an all-time high of $469.21 billion in the end of October.

Korea’s foreign exchange reserves had recorded new highs since July when reserves reached $458.68 billion. In August, the figure stood at $463.93 billion and in September, $463.97 billion.

[Source: Bank of Korea]
The central bank attributed a decline in the U.S. dollar value of foreign-denominated currencies and foreign currency deposits held by financial institutions to the fall in foreign exchange reserves in November.

Securities gained $2.52 billion on month to $420.94 billion in November while deposits declined $7.6 billion to $18.19 billion. International monetary Fund (IMF) position, or reserve tranche purchases a member may claim from the IMF, fell $50 million to $4.63 billion, and special drawing rights (SDR) from the IMF fell $170 million to $15.35 billion.

Gold holdings remained unchanged at $4.79 billion.

Korea was the eighth-largest holder of foreign exchange reserves as of end of October. China was the largest holder with $3.2 trillion, followed by Japan with $1.4 trillion, and Switzerland with $1.08 trillion.

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