July 05, 2022 08:41
Korea's foreign exchange reserves dropped for a fourth month in June, their biggest decline since the 2008 global financial crisis.
The Bank of Korea said on Tuesday that the country's foreign reserves are worth about US$438 billion, down $9.4 billion compared to May.
The BOK attributed the decline to a stronger dollar that diminishes non-dollar assets as well as the fall in deposits at financial institutions as some assets were sold to stabilize the volatile exchange rate.
Around 90 percent of Korea's forex reserves are securities.
But as of the end of May, Korea's reserves were still the ninth largest in the world. China had the largest reserves with $3.1 trillion, followed by Japan with $1.3 trillion and Switzerland with $1 trillion.
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