BUSINESS

Korea's FX reserves down in September on strong US dollar

By Yonhap
  • Published : Oct 12, 2017 - 09:57
  • Updated : Oct 12, 2017 - 09:57
South Korea's foreign exchange reserves fell slightly in September as the US dollar's strength reduced the value of non-dollar currencies when converted into the greenback, central bank data showed Thursday.

As of the end of September, the country's foreign exchange reserves came to $384.67 billion, down $170 million from the previous month, the Bank of Korea said in a statement.

(Yonhap)

Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as International Monetary Fund reserve positions, special drawing rights and gold bullion.

The country's reserve position at the IMF stood at $1.74 billion as of the end of September, compared with $1.75 billion a month earlier.

Holdings in gold bullion remained unchanged at $4.79 billion during the same period, the statement said.

Meanwhile, the BOK said South Korea was the world's ninth-largest holder of foreign exchange reserves as of end-August, following China, Japan, Switzerland, Saudi Arabia, Taiwan, Russia, Hong Kong and India. (Yonhap)