South Korea’s foreign reserves grow in three monthsFebruary 2nd, 2012 - 2:57 pm ICT by IANS
Seoul, Feb 2 (IANS) South Korea’s foreign reserves grew for the first time in three months in January due to a rise in conversion value of non-dollar denominated assets and an increase in investment profits, the central bank said Thursday.
Foreign reserves reached $311.34 billion as of the end of January, up $4.94 billion dollars from a month earlier, according to the Bank of Korea (BOK).
The reserves expanded for the first time since October last year when the figure grew $7.59 billion on an on-month basis. The January increase sent the nation’s reserves close to an all-time high of $312.19 billion tallied in August last year, reported Xinhua.
The BOK mainly attributed the January 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 $285.25 billion of securities, $17.85 billion of deposits, $3.49 billion of special drawing right (SDR), $2.58 billion of International Monetary Fund (IMF) positions and $2.17 billion of gold bullion.
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Tags: assets, billion dollars, british pound, conversion value, currency, drawing, europe, feb 2, gold bullion, international monetary fund, international monetary fund imf, investment profits, seoul, south korea, special drawing right, three months, xinhua