IMF Repayment Cuts Reserves
The Bank of Korea said Tuesday that foreign currency reserves fell by $965 million in April from the previous month and now total $93.5 billion.The reduction came mostly on the government's repayment of $594 million in loans to the International Monetary Fund and $177 million worth of interest charges for foreign exchange equalization fund bonds, the central bank said.
As of Monday, the balance of the government's IMF debt stood at $2.45 billion. Seoul plans to pay off $700 million of that in May.
with the Korea JoongAng Daily
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