SKorea forex sees red hot growth for 2nd month
Jul 6, 2017-
South Korea’s foreign currency reserves kept a record-breaking momentum for the second consecutive month due to a continued return on foreign currency assets and a higher conversion value of non-US dollar assets, central bank data showed on Wednesday. The foreign reserves reached a record high of $380.57 billion as of end-June, topping $380 billion for the first time, according to the Bank of Korea. It was up $2.11 billion from a month earlier, maintaining a record-breaking trend for the second consecutive month. For the first six months of this year, the foreign reserves increased by $9.47 billion. The continued increase was attributable to a continued return on foreign currency assets and a higher conversion value of non-dollar assets such as the European currency and the British pound. As of end-May, South Korea was the ninth-largest holder of foreign reserves.
Published: 06-07-2017 09:24