Korea’s forex reserves rise in July
[THE INVESTOR] Korea’s foreign exchange reserves continued to break records for the fifth month in a row in July thanks to steady gains from investments and a weaker US dollar, the central bank said on Aug. 3.
The total value of the country’s foreign exchange reserves came to an all-time high of US$402.45 billion last month, up US$2.15 billion from a month earlier, according to the Bank of Korea.
Korea’s forex reserves surpassed the US$400 billion line in June, some seven years after topping the US$300 billion mark.
The BOK said the on-month gain was due to a rise in proceeds from foreign asset investments as the value of foreign securities, like government bonds and corporate debts, amounted to US$374.91 billion last month, up US$7 billion from a month earlier.
Also, in July the US dollar index lost 1 percent on-month against the currencies of six major economies that increased the value of non-dollar currencies when converted into the greenback.
The country’s reserve position at the IMF stood at US$1.92 billion at the end of July, while holdings in gold bullion were worth US$4.79 billion during the same period, the central bank said.
By Song Seung-hyun and newswires (email@example.com)