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Foreign Exchange Reserves Down $1.2 Bn for FX Stability & Swaps

NSP NEWS AGENCY, By Hyun-jin Kim and Soo-in Kang, 2023-11-04 09:55 ENX7
#ForeignReserves #Gold #DollarDeposits #StrongDollars #CurrencySwaps

(Seoul=NSP NEWS AGENCY) = South Korea’s foreign exchange reserves declined $1.24 (or 165,436,000,000 won) due to FX stability and swaps with the National Pension Service.

Last Friday, the Bank of Korea (BoK) announced foreign exchange reserves for 2023 in late October that were $412.87 (or 550,727,293,000,000 won).

BoK explained, “The figures were mainly caused by efforts to stabilize FX market volatility, including temporary effects by FX swaps with National Pension Service and other decreased U.S. dollars translation”.

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The foreign reserves consist of securities ($369.98 billion or 493,516,322,000,000 won, 89.6%), deposits ($18.87 billion or 17,069,300,000,000 won, 4.6%), SDR ($14.77 billion or 19,701,703,000,000 won, 3.6%), gold ($4.79 or 6,386,507,000,000 won, 1.2%), and IMF position ($4.45 billion or 5,933,185,000,000, 1.1%).

Securities decreased $2.6 billion or 3,466,580,000,000 won, SDR $30 million or 39,999,000,000 won, while deposits went up $14.7 billion or 1,959,951,000,000 won. There were no changes in Gold reserves.

South Korea has the 9th largest foreign reserves in the world.

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