Korea's Forex Reserves Hit 6 Month Record High
Korea's Forex Reserves Hit 6 Month Record High
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2013.08.06 18:08
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SEOUL, KOREA- The foreign exchange reserves hit a record-high level in July. According to the Bank of Korea said on August 5, international reserves as of the end of July were US$329.71 billion, up $3,270 million from the previous month's $326.44 billion.
The foreign reserves level had been in an downward trend for three consecutive months since April. The July reserves volume is the highest level in six months after January's $328.91.
 
Koh Won-hong, BOK senior manager responsible for international reserves, said, "The reserves rose for the month of July due to an appreciation of the euro against the U.S. dollar that raised the dollar-denominated balance. In addition, we saw the investment income from foreign assets increase for the month."
 
By type of foreign reserve holdings, the balance of marketable securities, accounting for 91.4 percent in total, has increased 1.95 percent to $301.34 billion from the previous month's $295.57 billion. The deposit balance has declined by $2,480 million to $17.55 billion. The balances of special drawing rights (SDRs) and IMF reserve position were $3,420 million and $2.6 billion, respectively.

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