South Korea’s foreign reserves fell for the third consecutive month due to the use of the reserves to mitigate the foreign exchange market volatility, central bank data showed Friday.
Foreign currency reserves reached 412.87 billion U.S. dollars at the end of October, down 1.24 billion dollars from a month earlier, according to the Bank of Korea (BOK).
The authorities used the foreign reserves to lower the foreign exchange market volatility, contributing to the falling reserves.
South Korea was the world’s ninth-largest holder of foreign reserves at the end of September, unchanged from the previous month.—Xinhua
