Taiwan’s Foreign Reserves Drop Most Since 2011 on Intervention

Taiwan’s foreign reserves saw their steepest monthly drop in nearly 15 years in March, as the central bank sold the greenback to stabilize the local currency against capital outflows spurred by the Iran war.

Forex reserves dropped by $8.6 billion to $596.9 billion at the end of last month, Taiwan’s central bank said in a statement on Tuesday. The decline was mainly due to the central bank’s intervention in the forex market, Eugene Tsai, head of the monetary authority’s foreign-exchange department, said at a briefing in Taipei.