Korea’s foreign exchange reserves fell in December

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Korea’s foreign exchange reserves fell in December

Korea’s foreign exchange reserves fell slightly in December from a month earlier due to a decrease in the dollar-converted value of non-dollar currencies, central bank data showed Wednesday.

As of the end of December, the country’s foreign exchange reserves came to $371.1 billion, down $880 million from the previous month, the Bank of Korea said in a statement.

Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as International Monetary Fund reserve positions, special drawing rights and gold bullion.

The central bank said Korea was the world’s eighth-largest holder of foreign exchange reserves as of the end of November.

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