(MENAFN- QNA) South Korea's foreign exchange reserves declined for the second month in a row in September, due mostly to weakening currencies, central bank data showed Monday.
The country's foreign reserves came in at $364.41 billion as of end-September, down $3.13 billion from the previous month, according to the Bank of Korea.
The on-month decline marks the steepest fall in more than two years since the foreign reserves slumped $5.97 billion in May 2012.
Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and bullion, according to South Korean news agency Yonhap.
South Korea had been setting a new monthly record for its foreign exchange reserves from June 2013 until July, when the figure fell on a weakening euro and repayment of foreign exchange stabilization bonds.
The central bank credited the fall to a decline in the dollar conversion value of euro and British pound-denominated assets.
In September, the euro weakened 3.7 percent against the U.S. dollar, while the pound fell 2.1 percent, according to the data.
As of end-August, South Korea was the world's seventh-largest holder of foreign reserves, trailing behind China, Japan, Switzerland, Russia, Taiwan and Brazil. The comparison for September data was not available.
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