BUSINESS S Korea's foreign reserves fall to 446.1 bln USD in March

BUSINESS

S Korea's foreign reserves fall to 446.1 bln USD in March

Xinhua

08:56, April 05, 2021

SEOUL, April 5 (Xinhua) -- South Korea's foreign reserves fell last month as strong U.S. dollar lowered the conversion value of non-dollar assets, central bank data showed Monday.

A view of Seoul, South Korea (File photo: Xinhua)

Foreign currency reserves stood at 446.13 billion U.S. dollars as of the end of March, down 1.43 billion dollars from a month earlier, according to the Bank of Korea (BOK).

The reduction was attributed to the strong dollar that decreased the conversion value of non-dollar assets, such as the European single currency, the British pound and the Japanese yen.

The dollar index, which measures the dollar value versus six major peers, gained 3.5 percent last month.

The country's foreign reserves were composed of 405.95 billion dollars of securities, 27.28 billon dollars of deposits, 4.79 billion dollars of gold bullion, 3.51 billion dollars of special drawing rights (SDR) and 4.6 billion dollars of IMF position.

South Korea was the world's eighth-largest holder of foreign reserves as the end of February, up one notch from a month earlier.

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