Arab Today, arab today south korea\s foreign reserves hit record high in december
Last Updated : GMT 18:07:22
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Arab Today, arab today

South Korea\'s foreign reserves hit record high in December

Arab Today, arab today

Arab Today, arab today South Korea\'s foreign reserves hit record high in December

Seoul - QNA

South Korea's foreign-exchange reserves rose to a record high in December, aided by rises in the value of non-dollar assets and an increase in investment profit, the central bank said Monday. The country's foreign reserves totaled a record US$346.46 billion as of the end of December, up $1.45 billion from the previous month, according to the Bank of Korea (BOK). Foreign reserves rose for the sixth straight month in December 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, along with International Monetary Fund reserve positions, special drawing rights and gold bullion. The BOK said that a weaker US dollar boosted the dollar-conversion value of non-dollar assets, and investment profit also rose. The euro appreciated 1.4% to the US dollar last month and the British pound gained 0.9% per the greenback. The country's growing FX reserves and current account surplus have been serving as buffers for South Korea at a time when some emerging countries are suffering from foreign capital flight and currency depreciation, triggered by speculation over US stimulus tapering. As of the end of November, South Korea was the world's seventh-largest holder of foreign-exchange reserves.

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