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Korea’s Foreign Exchange Reserves Hit a New Record High for the Six Consecutive Month
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Korea’s Foreign Exchange Reserves Hit a New Record High for the Six Consecutive Month
  • By matthew
  • February 6, 2013, 16:17
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Korea’s foreign exchange reserves hit a new record high for the six consecutive month.

According to the current status of foreign exchange reserves released by the Bank of Korea (BOK) on February 5, the nation’s foreign reserves as of end-January stood at US$328.91 billion, up US$1.94 billion from a month earlier.

The numbers have been breaking records for six months in a row starting last August.

One BOK official said, “The rise in foreign exchange reserves last month was attributable to a stronger euro, which led to an increase in the amount converted to the U.S. dollar as well as margins earned from operation of foreign currency assets.

By asset type, deposits stood at US$22.8 billion, up US$5.76 billion from a month earlier. In contrast, securities declined US$3.79 billion to US$296.07 billion. The special drawing rights (SDR) issued by the International Monetary Fund (IMF) and IMF positions (the right to draw out convertible currency held by IMF members through contributions payment) also fell by US$20 million and US$10 million, respectively, from a month earlier. Gold reserves remained unchanged from the previous month, at US$3.76 billion.

Korea ranks 7th in terms of foreign exchange reserves: China topped the list with US$3.3116 trillion, followed by Japan (US$1.2681 trillion), Russia (US$537.6 billion), Switzerland (US$531.2 billion), Taiwan (US$403.2 billion) and Brazil (US$373.1 billion).