중앙데일리

Korea Needs 78 Billion Dollars in Foreign Reserves

Sept 10,1998
Samsung Economic Research Institute (SERI) predicted that Korea needs 78 billion dollars in foreign reserves in order to defend itself against another possible foreign exchange crisis.
SERI forecasted that in a worst case scenario, it would be necessary for Korea to spend a total of 78 billion dollars in foreign reserves within one year including 10.9 billion dollars for the reimbursement of the IMF's bailout principal, 12.2 billion dollars for the interest on total foreign debts, 15 billion dollars for the reimbursement of medium and long term foreign debts and other possible foreign debt reimbursement.
In contrast, SERI predicted that Korea's available foreign reserves would reach 61 billion dollars as of the end of August next year including 14 billion dollars created by trade surplus, 6 billion dollars as bail-outs by international finance institutions like the IMF and 41.38 billion dollars in the current available foreign reserves as of the end of August.



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