South Korea’s foreign reserves over $300 bnMay 3rd, 2012 - 3:36 pm ICT by IANS
Seoul, May 3 (IANS) South Korea’s foreign reserves grew to a record high of $316.84 billion last month due to an increase in investment profits and a growth in conversion value of non-dollar denominated assets, the central bank said Thursday.
Foreign reserves reached a new high of $316.84 billion as of the end of April, up $890 million from a month earlier, according to the Bank of Korea (BOK).
The April figure surpassed the previous record high for three straight months. The reserves breached the $300 billion mark for the first time in April last year, reported Xinhua.
The BOK attributed the April growth to an increase in investment profits and a growth in conversion value of non-dollar denominated assets such as the British pound and the Japanese yen.
The country’s foreign reserves consisted of $284.62 billion of securities, $23.83 billion of deposits, $3.55 billion of special drawing right (SDR), $2.67 billion of International Monetary Fund (IMF) positions and $2.17 billion of gold bullion.
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Tags: assets, bn, bok, british pound, conversion value, drawing, gold bullion, international monetary fund, international monetary fund imf, investment profits, japanese yen, seoul, south korea, special drawing right, xinhua