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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: FACTBOX-South Korea's FX reserves at near 4-yr low Reuters - 2 hours 12 minutes ago SEOUL, Dec 3 - South Korea's foreign exchange reserves in November dropped to their lowest level in almost four years. The central bank and finance ministry are predicting further pressure on the reserves as foreign investors sell of emerging markets and as the country's trade position weakens in the face of the global financial crisis. Following are key facts about South Korea's foreign reserves. RESERVES POSITION: - Foreign reserves fell by $11.7 billion to $200.5 billion in November, the eighth consecutive monthly drop, after a record decline of $27.4 billion in October. - Reserves have now fallen $63.7 billion since hitting a record high of $264.2 billion in March 2008, and are on course for their first yearly drop since 1997, when they declined by $12.8 billion. CURRENCY BACK UP: - The Bank of Korea signed a $30 billion currency swap arrangement with the U.S. Federal Reserve in late October and tapped the credit line on Dec. 2 to inject $4 billion into local banks. - The BOK has dollar currency swap facilities with its Asian neighbours: $13 billion with Japan, $4 billion with China, $2 billion each with the Philippines and Indonesia, $1.5 billion with Malaysia and $1 billion with Thailand. - The government has been in talks with Japan and China to expand the size of the dollar credit lines. The leaders of the three nations will hold a summit in Fukuoka, Japan on Dec. 13 to discuss further ways to tackle the global financial crisis. - East Asian nations agreed on Oct. 24 to form an $80 billion multilateral swap scheme by mid-2009 designed as a shield against the sort of currency turmoil experienced in the Asian financial crisis a decade ago. SUPPORTING RESERVES: - The State-run National Pension Service sold $1.1 billion of its U.S. Treasury bills to the BOK on Nov. 28 at the request of the central bank amid fears that the nation's foreign reserves may have dropped below $200 billion. - The pension fund also transferred $5 billion in U.S. Treasuries to the central bank and $2.1 billion worth to the finance ministry in October. - The central bank said on Oct. 15 that it planned to buy $10 billion of U.S. treasury bonds by the end of this year from the NPS to bolster its declining reserves. PRESSURES ON RESERVES - For the first 10 months of the year, the capital account swung to a $35 billion deficit from a year-earlier $6.5 billion surplus. - The current account also swung to a deficit over the same period, to $7.66 billion from a $7.72 billion surplus. - The finance ministry has projected a current account surplus of about $5 billion in 2009, swinging from an expected deficit this year of around $10 billion. - The government and central bank have pledged $55 billion to boost liquidity, out of which they had injected $31.9 billion as of Nov. 30. - The government has provided a state guarantee of up to $100 billion for foreign loans borrowed by local banks, as well as a state guarantee for foreign currency deposits at local banks of up to 50 million won per account. OTHER FACTORS: - As of end-October, foreign currency deposits in Korea amounted to $24.3 billion, including $2.3 billion in deposits by individuals. - South Korea became a net debtor at the end of September for the first time in 8 years as foreign investors dumped local shares and local banks borrowed heavily overseas. - The nation's foreign debt rose by $6.29 billion to $227.1 billion at the end of the third quarter. - The ratio of the current external debt to foreign exchange reserves jumped to 94.8 percent at the end-September from 85.6 percent at end-June, suggesting tight dollar liquidity conditions. - The banking sector's foreign debt increased to $221.9 billion in the third quarter from the previous quarter's $211.6 billion, 52.2 percent of the nation's entire external debt. - Foreign investors have sold off a net 36.8 trillion won in local shares so far this year. - The growing current account deficit, a foreign sell-off in local financial markets, and a deepening squeeze in dollar funding have all combined to send the won <KRW=> plunging by more than 35 percent so far this year. In November it fell to its lowest level since the 1997-98 Asian financial crisis. * In the Asian financial crisis - South Korea began receiving a $19.5 billion International Monetary Fund bailout in December, 1997, after its foreign currency reserves fell by $6.1 billion alone in November 1997, around a fifth of the total. (Reporting by Seo Eun-kyung and Cheon Jong-woo; Editing by Jonathan Hopfner) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business SNAPSHOT - Financial Crisis - 1240 GMTReuters - 21 minutes ago FTSE-100 down 12.79 points at 4,110.07AP - 21 minutes ago Wall Street heads for lower openAP - 21 minutes ago GM exec: bankruptcy not an option for industryAP - 22 minutes ago GLOBAL MARKETS-Gloomy data hit stocks, rate cuts eyedReuters - 23 minutes ago Most Popular – Business Viewed Wall Street plunges as recession becomes reality Sweden to come to rescue of struggling carmakers Saab and Volvo World stocks tumble as economic fears deepen Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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