SEOUL, June 7 (Reuters) – South Korea’s overseas change
reserves shrank in Could for a 3rd consecutive month, reaching
the bottom stage in 14 months due to dollar-selling
intervention to assist the native foreign money, the central financial institution
mentioned on Tuesday.
The overseas change reserves of Asia’s fourth-largest
economic system had fallen to $447.71 billion by the top of Could, the
lowest for the reason that finish of March 2021, from $449.30 billion a month
earlier, the Financial institution of Korea mentioned.
It cited “measures to ease volatility within the overseas
change market” as the primary purpose for the decline, saying the
reserves might need elevated in U.S. greenback phrases, because the
greenback had weakened in opposition to main currencies within the month.
It didn’t disclose the dimensions of the intervention.
The received fell in early Could, reaching a 26-month low
versus the greenback on Could 12, then rebounded to finally finish
the month 1.67% stronger than on the finish of April.
In greenback phrases, South Korea had held the world’s ninth
largest overseas reserves on the finish of April, the central financial institution
mentioned.
(Reporting by Jihoon Lee; Enhancing by Choonsik Yoo and Bradley
Perrett)
