S. Korea’s FX reserves fall for 1st time in 14 months

South Korea's foreign exchange reserves fell for the first time in 14 months, the central bank said Wednesday.

The FX reserves reached US$367.53 billion as of the end of August, down $490 million from a month earlier, according to the Bank of Korea (BOK).

BOK officials attributed the decrease mainly to the weakening euro and the British pound against the U.S. dollar.

South Korea retained its No. 7 position in terms of foreign exchange reserves in the world in August.

China maintained its top spot with $3,993.2 billion, followed by Japan ($1,276.0 billion), Switzerland ($549.5 billion), Russia ($466.8 billion) and Taiwan ($423.7 billion).

Park Sae-jin swatchsjp@ajunews.com