Korea’s forex reserves hit all-time high in Sept.
[THE INVESTOR] Korea’s foreign exchange reserves reached a record high in September on the back of steady gains from investments and the selling of foreign exchange stabilization bonds, the central bank said on Oct. 4.
The total value of the country’s forex reserves came to US$403.0 billion last month, up US$1.87 billion from a month earlier, according to the Bank of Korea.
The total has set record highs for five months in a row from March.
Of the reserves, the value of foreign securities, like government and corporate debts, grew US$2.79 billion on-month to stand at US$375.63 billion in September.
The country’s reserve position at the IMF stood at US$1.91 billion at the end of last month, while holdings in gold bullion were worth US$4.79 billion, the central bank said.
As of end-August, Korea ranked eighth in the world in terms of the amount of forex reserve holdings. China topped the list, followed by Japan, Switzerland, Saudi Arabia and Russia, according to the BOK.
By Song Seung-hyun and newswires (firstname.lastname@example.org)