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Korea's FX reserves hit new high in July

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Published : 2014-08-05 09:42
Updated : 2014-08-05 09:42

South Korea's foreign exchange reserves climbed to a new high last month, extending its record-breaking streak to a 13th straight month, central bank data showed Tuesday.

The country's foreign reserves came in at $368.03 billion as of end-July, increasing by $1.48 billion from the previous month, according to the data by the Bank of Korea.

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

The on-month gain, which is smaller than the $5.63 billion increase in June, was largely credited to management gains.

South Korea was the world's seventh-largest holder of foreign reserves as of end-June, trailing behind China, Japan, Switzerland, Russia, Taiwan and Brazil, according to the data. (Yonhap)