Foreign Exchange Authorities' Net Sale of 103 Million USD in Q1

[Asia Economy Reporter Kim Eunbyeol] The Ministry of Economy and Finance and the Bank of Korea, among other foreign exchange authorities, were found to have net sold $103 million in the foreign exchange market in the first quarter.

According to the 'Net Transactions of Foreign Exchange Authorities in Q1 2021' released by the Bank of Korea on the 30th, the net foreign exchange transaction amount (total purchases - total sales) by foreign exchange authorities in the first quarter was recorded at -$103 million. The detailed breakdown of total purchases and total sales is not disclosed.

Earlier, in the fourth quarter of last year, the government net purchased $11.543 billion as the exchange rate plummeted amid expectations of economic recovery. In the third quarter of last year, net transactions were zero, and in the second quarter, they net sold $345 million.

The Bank of Korea and the Ministry of Economy and Finance have been disclosing foreign exchange market intervention details since March 2019, following recommendations from the International Monetary Fund (IMF).

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