Arab Today, arab today korea’s foreignexchange reserves hit record high in february
Last Updated : GMT 21:01:24
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Korea’s foreign-exchange reserves hit record high in February

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Arab Today, arab today Korea’s foreign-exchange reserves hit record high in February

Seoul - QNA

South Korea’s foreign-exchange reserves rose to a record high in February on the rise in value of non-dollar assets and investment profit, the central bank said Wednesday.The country’s foreign reserves totaled a record US$351.79 billion as of end-February, up $3.4 billion from the previous month, according to the Bank of Korea (BOK). Foreign reserves had increased for the eighth straight month in February after declining by the most in 13 months in June, according to South Korea’s (Yonhap) News Agency.Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.The BOK said a weaker US dollar boosted the dollar-conversion value of non-dollar assets and investment profit also rose.The euro appreciated 0.4% to the US dollar last month, and the British pound gained 0.8% per the greenback.As of the end of January, South Korea was the world’s seventh-largest holder of foreign-exchange reserves.

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