south koreas foreign exchange reserves hit new high
Last Updated : GMT 17:31:38
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South Korea's foreign exchange reserves hit new high

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Arab Today, arab today South Korea's foreign exchange reserves hit new high

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Seoul - QNA

South Korea's foreign exchange reserves jumped to a new high in June, extending a record-breaking streak to a 12th straight month, central bank data showed Thursday.
The country's foreign reserves came in at US$366.55 billion as of the end of June, growing $5.63 billion from the previous month, (Yunhap) reported citing data by the Bank of Korea.
Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.
The June figure marked the 12th consecutive month in which the country's foreign reserves reached a new high after declining the most in 13 months in June 2013.
The on-month gain was credited to issuances of foreign exchange stabilization bonds as well as the strengthening euro. Management gains also shored up the amount.
A total of $2 billion worth of bonds -- dollar-denominated bonds with a maturity of 30 years worth $1 billion and euro-denominated bonds with a maturity of 10 years worth $1 billion -- were issued on June 4.
South Korea ranked as the world's seventh-largest holder of foreign reserves as of the end of May.
The country narrowed its gap with sixth-largest holder Brazil to $7.9 billion from $10.9 billion the previous month, raising chances of surpassing the South American economy in terms of foreign reserves size.

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