April Foreign Reserves Getting Close to Record-high Level
April Foreign Reserves Getting Close to Record-high Level
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2013.05.08 00:03
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SEOUL, KOREA - The April international reserves have increased for two consecutive months, one step closer to the record-high figure of US$328.91 billion set in January this year.
According to the Bank of Korea on May 6, the volume of foreign reserves as of the end of April was $328.80 billion, up $1.39 billion (0.42%) from the previous month.
 
This is the second straight month of increase following the rise of $130 million in March, closing the gap with the January 2013 record-high figure by only $110 million.
 
Koh Won-hong, senior manager responsible for international reserves, said, "The rise was due to an increase foreign asset investment incomes and gains from the conversion value of non-dollar assets."
 
By component of the reserves, securities increased $3.33 billion to $299.45 billion from the previous month. Securities account for the lion's share in the reserves with 91.1 percent in total. It was followed by deposits denominated in overseas currencies ($18.44 billion; 5.6%), gold bullion ($4.79 billion; 1.5%), International Monetary Fund special drawing rights ($3.44 billion; 1.0%), and International Monetary Fund reserve positions ($2.67 billion; 0.8%).

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