S. Korean Foreign Reserves Fall In December

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South Korea's foreign exchange reserves declined in December for the first time in 10 months, the Bank of Korea reported Tuesday. Reserves decreased US$900 million to US$269.99 billion at the end of December. At the same time, for the whole year of 2009, reserves increased US$68.77 billion.

A central bank official said that the decrease in reserves in December came even after the National Pension Service repaid US$1.3 billion to the central bank as part of its currency swap agreement. Also, local banks repaid nearly US$200 million borrowings.

South Korea's foreign exchange reserves declined in December for the first time in 10 months, the Bank of Korea said Tuesday. (Market News Provided by RTTNews)