Net Sales of $11.174 Billion Last Year
Aimed at Stabilizing the Market Amid Increased Volatility
Foreign exchange authorities net sold $3.755 billion in the foreign exchange market in the fourth quarter of last year to stabilize the market.
According to the 'Market Stabilization Measures Details' disclosed by the Bank of Korea on the 31st, the Bank of Korea and the Ministry of Economy and Finance sold $3.755 billion more dollars than they purchased from October to December last year. This was a market stabilization measure in response to increased volatility in the foreign exchange market due to the dollar's strength following the election of U.S. President Donald Trump in the fourth quarter of last year and the domestic emergency martial law situation causing a sharp rise in the won-dollar exchange rate. A Bank of Korea official said, "This is the result of measures taken to stabilize the exchange rate."
Although it shifted from net buying ($192 million) in the third quarter of last year to net selling in just one quarter, the scale of net selling was smaller compared to $5.796 billion in the second quarter of last year.
The total amount of foreign currency net sold by foreign exchange authorities to stabilize the foreign exchange market last year was about $11.174 billion. The foreign exchange authorities net sold $45.867 billion in 2022 and $9.613 billion in 2023.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
