IMF Repayment Cuts Reserves

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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.
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