Usable Foreign Exchange Reserves Reach 44 Billion Dollars
The amount of usable foreign exchange holdings reached 44 billion dollars as of October, the Bank of Korea announced October 16.However among this amount, 66% is from the International Monetary Fund(IMF) and loans from foreign investers. IMF money totalled 18 billion dollars while the World Bank gave 3.8 billion, and the Asia Bank of Development(ABD) has 3 billion dollars in loans, respectively.
The interest rate on the IMF loan is 8% annually, and the World Bank is 6-7% while the ABD charges 6%.
The abundant foreign reserves is due to the strengthened assets of the Bank of Korea stemming from a strong Japanese yen coupled with the government's payments on high interest rate loans.
with the Korea JoongAng Daily
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