Foreign Exchange Authorities Spent 2.4 Trillion Won on 'Exchange Rate Defense' in Q1

Various indices such as stock prices and exchange rates are displayed on the electronic board in the dealing room of the Seoul Hana Bank headquarters. Photo by Huh Younghan younghan@

Foreign exchange authorities sold approximately $1.8 billion (2.48 trillion KRW) worth of foreign currency in the first quarter of this year to defend the value of the Korean won.

According to the "Net Foreign Exchange Transactions by Authorities in Q1 2024" released by the Bank of Korea on the 28th, the foreign exchange authorities net sold $1.815 billion in the foreign exchange market to stabilize the market in the first quarter of this year.

The net foreign exchange transactions shifted from a net purchase of $1.989 billion in Q4 2023 to a net sale.