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Mon, 02/05/2024 - 06:21
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Foreign reserves fall in Jan. on strong dollar

SEOUL, Feb. 5 (Yonhap) -- South Korea's foreign reserves declined in January due to the decreased conversion value of non-dollar assets, central bank data showed Monday.

The country's foreign reserves had come to US$415.76 billion as of end-January, down $4.39 billion from the previous month, according to the data from the Bank of Korea (BOK).

The dollar's ascent last month lowered the converted value of holdings denominated in other currencies, the BOK explained.

The dollar index that gauges the greenback's value against major peers rose 2.1 percent last month, the central bank said.

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

Foreign securities, such as U.S. Treasuries, had been valued at $368.68 billion as of end-January, down $4.98 billion from a month earlier. They accounted for 88.7 percent of foreign reserves, the data showed.

The value of deposits stood at $22.78 billion at the end of January, up $810 million from a month earlier.

South Korea ranked as the world's ninth-largest holder of foreign reserves at the end of December, the BOK said.