Data from the Central Bank of South Korea showed on Friday that the country’s foreign exchange reserves decreased for the second month in a row last September due to the rise in the US dollar and market stabilization measures.
South Korea’s Yonhap news agency reported that the country’s foreign exchange reserve amounted to 12.414 billion US dollars at the end of September, a decrease of 18.4 billion dollars from the previous month, according to data released by the Central Bank of Korea.
The Central Bank of Korea explained that the rise of the dollar last month led to a decrease in the converted value of holdings denominated in other currencies.
The bank said that the dollar index, which measures the value of the US currency against major currencies, rose by 3% last month.
The country ranked ninth in the world in terms of the volume of foreign reserves at the end of August, the Central Bank of Korea said.
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