SEOUL, KOREA - Korea's May foreign reserves fell in three months. The Bank of Korea said on June 5, foreign reserves as of the end of May were US$328.1 billion, down $700 million from the previous month's $328.8 billion.
International reserves peaked in January at $328.91 billion, falling to $327.4 billion in February and rising again in March and April to $327.4 billion and $328.8 billion respectively.
The central bank attributed the fall to a slide in the conversion value of non-dollar assets such as the euro and the British pound. The euro and the pound depreciated 0.4 percent and 1.7 percent each versus the dollar, and the Japanese yen declined 3.1 percent to the dollar last month.
As of the end of April, Korea was the world's seventh-largest holder of foreign reserves following China, Japan, Russia, Switzerland, Taiwan, and Brazil.
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