admin SEOUL– In October, according to central bank data showed Tuesday, South Korea’s foreign currency reserves hit a record monthly high as the U.S. dollar’s weakness increased the conversion value of non-dollar assets.
According to the Bank of Korea (BOK), by the end-October South Korea foreign reserves amounted to 406.32 billion U.S. dollars, up 3.0 billion dollars from a year earlier.
The conversion value of non-dollar assets such as the European single currency upturned because of the dollar weakness.
As of end-October, dollar index, which instruments the dollar value versus six major peers, stood at 97.65 down 1.5 percent from september.
The South Korian foreign currency reserves were composed of 21.68 billion dollars of deposits, 4.79 billion dollars of gold bullion, 373.8 billion dollars of securities, 3.37 billion dollars of special drawing rights (SDR) and 2.67 billion dollars of International Monetary Fund positions.
As of the end of September, South Korea was the world’s ninth largest holder of foreign reserves which is unchanged from the previous month where as China is on the top of the list. Among the list Japan and Switzerland are on second and third place respectively.
Foreign Exchange Reserves in South Korea increased to 406324 USD Million in October from 403320 USD Million in September of 2019. Foreign Exchange Reserves in South Korea averaged 114717.76 USD Million from 1971 until 2019, reaching an all time high of 406324 USD Million in October of 2019 and a record low of 564.50 USD Million in April of 1972.
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