Arab Today, arab today south korean central bank buys more gold in february
Last Updated : GMT 18:13:02
Arab Today, arab today
Arab Today, arab today

South Korean central bank buys more gold in February

Arab Today, arab today

Arab Today, arab today South Korean central bank buys more gold in February

Seoul - YONHAP

South Korea\'s central bank said Wednesday it increased its holding of gold in three months in February in a bid to diversify the portfolio of its foreign exchange reserves worth more than US$320 billion. The Bank of Korea (BOK) said it bought 20 tons of gold, raising the central bank\'s gold holdings to 104.4 tons valued at US$4.79 billion as of end-February. The move marked the BOK\'s fifth purchase of the yellow metal since July 2011 when the bank bought gold for the first time in 13 years. It also bought gold in November 2011, July and November 2012. \"As the gold purchase aims to diversify the foreign exchange portfolio over the long haul, gold prices\' short-term volatility have not been considered,\" said Lee Jung, the head of the BOK\'s investment strategy team. Lee declined to comment on the purchasing prices and future buying plans, citing the possible impact his statements might have on the market. The BOK\'s move came as the economic slowdown and quantitative easing by advanced economies make gold attractive as a safe asset. But its volatile prices are seen as an investment risk, indicated by the recent trend that gold prices fell around 12 percent as of end-February from their record high of near $1,800 per ounce in October 2012. The BOK estimated that its additional purchase would put South Korea at the 34th spot in the world in terms of gold holdings, up from 36th at the end of 2012. The central bank has been making efforts to diversify its foreign reserves by reducing the weight of its U.S. dollar-denominated assets. Gold bullion accounted for 1.5 percent of the total reserves as of end-February, up from 1.1 percent the previous month. Despite the gold purchase, South Korea\'s foreign reserves declined last month from a record high of $328.91 billion in January, the first fall since May 2012. The foreign reserves stood at $327.4 billion as of the end of February, down $1.51 billion from the previous month as a strong U.S. dollar drove down the conversion value of non-dollar assets, the BOK said. Foreign reserves consist of securities and deposits denominated in overseas currencies, along with International Monetary Fund reserve positions, special drawing rights and gold bullion. The euro fell 3.2 percent to the dollar last month while the British pound depreciated 4 percent per the greenback, it added. As of the end of January, South Korea was the world\'s seventh-largest holder of foreign exchange reserves.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korean central bank buys more gold in february Arab Today, arab today south korean central bank buys more gold in february

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korean central bank buys more gold in february Arab Today, arab today south korean central bank buys more gold in february

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday