South Korea’s foreign reserves expand

March 5th, 2012 - 2:08 pm ICT by IANS  

Seoul, March 5 (IANS) South Korea’s foreign reserves expanded to a record high of $315.8 billion last month due to a rise in conversion value of non-dollar denominated assets and an increase in investment profits, the central bank said Monday.

Foreign reserves reached a new high of $315.8 billion as of the end of February, up $4.46 billion from a month earlier, according to the Bank of Korea (BOK).

The February figure surpassed the previous record high of $312.29 billion tallied in August 2011. The country’s foreign reserves exceeded the $300 billion mark for the first time in April last year, Xinhua reported.

The BOK attributed the February growth to rising conversion value of non-dollar denominated assets such as the Europe’s shared currency and the British pound as well as an increase in investment profits.

The country’s foreign reserves consisted of $289.5 billion of securities, $179.7 billion of deposits, $3.56 billion of special drawing right (SDR), $2.6 billion of International Monetary Fund (IMF) positions and $2.17 billion of gold bullion.

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