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Tuesday
02Sep

Forex Reserves Continue to Decline

http://english.kbs.co.kr/DATA/20080902/2008090202_big.jpg

The nation’s foreign exchange reserves are continuously declining.

The Bank of Korea said Tuesday that as of the end of August, the nation held 243-point-two billion U.S. dollars in forex reserves, down about four-point-three billion from the end of July.

In July, the figure posted the highest-ever monthly decrease of about ten-and-a-half billion dollars.

The central bank said that while foreign reserves fell in June after financial authorities implemented measures to stabilize the market, the drop in July’s foreign reserves came as a stronger greenback lowered the dollar value of assets in the euro and the yen.

In late July, China ranked first in total foreign reserves followed by Japan and Russia. India came in fourth followed by Taiwan and South Korea.

Source

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