Korea's FX reserves down in February

Published : Mar 6, 2017 - 09:29 Updated : Mar 6, 2017 - 09:29

South Korea's foreign exchange reserves fell slightly in February from a month earlier due to a decrease in the value of non-dollar currencies when converted into the dollar, central bank data showed Monday.

As of the end of February, the country's foreign exchange reserves came to $373.91 billion, down $130 million from the previous month, the Bank of Korea said in a statement.

Dollar notes at KEB Hana Bank (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 positions at the IMF stood at $1.74 billion as of the end of February, 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 eighth-largest holder of foreign exchange reserves as of end-January, following China, Japan, Switzerland, Saudi Arabia, Taiwan, Hong Kong and Russia, in that order. (Yonhap)