Korea foreign reserves fall 2.8 billion dollars to $414 billion in October
Korea’s foreign reserves fell for the third consecutive month in October.
The Bank of Korea said foreign reserves fell $2.8 billion to $414 billion.
Foreign reserves are securities, deposits, special drawing rights, gold and the country’s IMF position.
Korea’s holdings of official foreign reserves, which include securities and deposits, was the ninth largest globally, one down from a month earlier.
The won has been falling against the dollar this year as central banks around the world raise interest rates to tame inflation.
The won has fallen around 19 percent this year, breaking 1,440 won for the first time since March 2009. It traded at 1,417.40 won to the dollar when the market closed Wednesday.
BY JIN MIN-JI [jin.minji@joongang.co.kr]
with the Korea JoongAng Daily
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