South Korea’s foreign reserves marked the first fall in four months in February owing to a lower conversion value of non-U.S. dollar assets, central bank data showed Monday.
Foreign currency reserves stood at 425.29 billion U.S. dollars at the end of February, down 4.68 billion dollars from a month earlier, according to the Bank of Korea.
The strong dollar reduced the conversion value of non-dollar assets. The dollar index, which gauges the dollar value versus six major peers, advanced 2.3 percent last month.
The country’s foreign reserves were composed of 374.49 billion dollars of securities, 26.75 billion dollars of deposits, 14.80 billion dollars of special drawing rights, 4.79 billion dollars of gold bullion and 4.44 billion dollars of the IMF (International Monetary Fund) position.
South Korea was the world’s ninth-largest holder of foreign reserves at the end of January, unchanged from the previous month.
Source: The Namibian Press Agency
