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Korea's foreign exchange reserves increased by US$800 million last month due to weakening dollar

NSP NEWS AGENCY, By Eun-young Huh and Soo-in Kang, 2023-04-07 16:46 ENX7
#Foreign exchange #Reserves

(Seoul=NSP NEWS) = It's been reported that South Korea's foreign exchange reserves went up by US$780 million year-on-year at the end of March due to the weakening of US dollar.

According to '2023 End of March Foreign Exchange Reserves' report released by the Bank of Korea on 5th, South Korea's foreign exchange reserves last month was US$426.07 billion.

The increase was the result of a rise in value of non-US dollar-denominated foreign currency assets, such as Euro, following the weakening dollar with 2.4% decrease in dollar value index in March, Bank of Korea explained.


The foreign exchange reserves consisted of $37.759 billion (88.6%) in securities, $2.414 billion (5.7%) in deposits, $1.48 billion (3.5%) in SDR, $0.479 billion (1.1%) in gold, and $0.474 billion (1.12%) in IMF positions.

Korea's foreign exchange reserves ranked 9th in the world as of end of February, 2023.

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