S. Korea's Foreign Exchange Reserves down in July

South Korea's foreign exchange reserves by the end of July dropped by 10.58 billion U.S. dollars from a month earlier, standing at 247.5 billion U.S. dollars, the country' s central bank said Monday.

According to the Bank of Korea (BOK), foreign reserves fell in July mainly because the government and the central bank pledged on July 7 to work together to stem the won's steep loss against the U. S. dollar.

The South Korean government and the BOK announce in July to bolster the local currency by using foreign reserves. The value of the local currency of won went up 4 percent in July after the government and the BOK intervened into the currency market.

South Korea's Yonhap News Agency said at least 11 billion U.S. dollar-worth of foreign exchanges has been unloaded by the authorities in July.

Source: CRIEnglish