Korea’s foreign reserves hit record high in April

By Korea Herald
  • Published : May 3, 2012 - 19:09
  • Updated : May 3, 2012 - 19:09
South Korea’s foreign exchange reserves reached a new record high in April as the strength of the euro and other currencies boosted the conversion value of those assets, the central bank said Thursday.

The country’s foreign reserves reached $316.84 billion at the end of last month, up $890 million from March, according to the Bank of Korea. The previous record was $315.95 billion set in the previous month.

Asia’s fourth-largest economy saw its foreign reserves surpass the $300 billion mark for the first time in April 2011 amid sustained inflows of foreign capital and robust exports.

“Last month’s results are mainly due to the increase in the conversion value of the euro and other currencies as well as profits generated by other assets,” the BOK said in a statement.

Foreign reserves consist of securities and deposits denominated in overseas currencies, along with the International Monetary Fund reserve positions, special drawing rights and gold bullion.

As of end-March, South Korea had the seventh-largest foreign reserve in the world, according to the BOK. China, Japan and Russia ranked in the top three, with Taiwan, Brazil and Switzerland coming in ahead of South Korea. (Yonhap News)