South Korea’s FX reserves reached $417b at the end of July
South Korea’s foreign reserves climbed for the fourth straight month in July, reaching $416.53b at the month-end, Yonhap News Agency reported.
The reserves hit a record-high on the surge in the value of non-dollar assets and an upswing in investment return.
Foreign reserves include securities and deposits in foreign currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.
The Bank of Korea said last month the FX reserves climbed as a weak US dollar strengthened the dollar-conversion value of non-dollar assets, whilst investment profit increased.
As of the end of July, foreign securities amounted to $379.38 billion, up $6.8b from June and comprising 91.1% of FX reserves. Gold holdings stayed the same at $4.8b.
South Korea was the worlds 9th largest holder of FX reserves as of the end of June.