S. Korea’s foreign reserves hit record high at USD 378B

By on June 5, 2017


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SEOUL — South Korea’s foreign currency reserves hit a record monthly high in April thanks to the weak US dollar that increased the conversion value of non-dollar assets, central bank data showed Monday.

Foreign reserves reached a new high of USD 378.46 billion as of end-May, up USD 1.89 billion from a month earlier, according to the Bank of Korea (BOK).

The record-breaking foreign reserves stemmed from an increase in foreign assets investment return and the weak dollar, which raised the conversion value of non-dollar assets.

The European single currency appreciated 2.8 percent against the dollar, while the Japanese yen rising 0.4 percent versus the greenback.

The foreign reserves were composed of USD 350.26 billion of securities holdings, USD 18.66 billion of deposit, USD 4.79 billion in gold bullion, USD 2.98 billion of special drawing rights and USD 1.76 billion of IMF positions.

As of end-April, South Korea was the eighth-largest holder of foreign reserves, unchanged from the prior month. (Xinhua)