South Korea's March FX reserves see biggest drop in 12 years

FX reserves held by the Bank of Korea (BOK) totalled a US$400.21 billion as of end-March, the smallest since May 2018. The $8.96 billion drop from $409.17 billion at end-February was the most since an US$11.74 billion decline in November 2008.

SEOUL: South Korea's foreign exchange reserves fell by the most in more than 11 years at the end of March as authorities sold dollars to steady the local FX market hammered by the coronavirus pandemic and as the greenback firmed, the central bank said on Friday.

FX reserves held by the Bank of Korea (BOK) totalled a $400.21 billion as of end-March, the smallest since May 2018. The $8.96 billion drop from $409.17 billion at end-February was the most since an US$11.74 billion decline in November 2008.