South Korea’s foreign reserves shrank by the most in almost 14 years in September, as the central bank drew on them to shore up a won that’s under pressure from the Federal Reserve’s policy tightening.
The reserves dropped by $19.7 billion to $416.8 billion, the Bank of Korea said in a release on Thursday, citing “steps to ease volatility in foreign exchange markets” among reasons for the decline. The fall was the largest since October 2008.
