▲ US Dollar Banknotes
South Korea's foreign reserves decreased last month for the first time in four months, weighed down by the consignment of assets to the Korea-US Strategic Investment Corporation.
According to the Bank of Korea (BOK) today (October 6), the country's foreign reserves stood at $440.56 billion at the end of September, down $1.72 billion from the end of August ($442.28 billion).
After growing by a record $14.33 billion in the previous month and maintaining an upward trend following June (+$370 million) and July (+$590 million), the reserves turned to a decline in September.
A BOK official explained, "This was due to a decrease in financial institutions' foreign currency deposits, the consignment of assets to the Korea-US Strategic Investment Corporation, and a decrease in the US dollar conversion value of foreign currency assets denominated in other currencies."
By asset category, securities ($386.03 billion) decreased by $1.05 billion.
Deposits ($29.95 billion) and Special Drawing Rights (SDRs, $15.48 billion) decreased by $350 million and $290 million, respectively.
Gold remained unchanged at $4.79 billion as it is recorded at the purchase price.
The BOK recently reported to the National Assembly that it plans to begin purchasing physical gold produced domestically for export, amounting to around 1 ton, on December 14.
The international ranking of foreign exchange reserves, which has been kept private starting with the statistics at the end of August, was not disclosed this time either.
(Photo: Yonhap News)
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