South Korea reserves down by $20 Billion

Seoul, The Gulf Observer: South Korea’s foreign exchange reserves shrank by nearly $20 billion in September, the second-biggest monthly drop on record, as authorities stepped up dollar-selling intervention to counter the won’s slump to a 13-1/2-year low, Reuters reported.

The country’s FX reserves stood at $416.77 billion at the end of September, down $19.66 billion from $436.43 billion a month earlier, the Bank of Korea said on Thursday.

While still among the largest in the world, the country’s reserves fell to the lowest level since end-July 2020 and saw the second-biggest monthly decrease on record after a $27.42 billion decline in October 2008. Reserves have fallen in nine out of the last 11 months.