Thu, 01 Oct 2020

SEOUL, Aug. 5 (Xinhua) -- South Korea's foreign reserves continued to rise for four straight months as the weak U.S. dollar raised the conversion value of non-dollar assets, central bank data showed Wednesday.

Foreign currency reserves amounted to 416.53 billion U.S. dollars as of the end of July, up 5.77 billion dollars from a month earlier, according to the Bank of Korea (BOK).

The reserves kept growing for the fourth consecutive month owing to the weak dollar that expanded the conversion value of non-dollar assets.

The dollar index, which gauges the dollar value versus six major peers, retreated 4.6 percent last month.

The country's foreign reserves were composed of 379.38 billion dollars of securities, 24.86 billion dollars of deposits, 4.79 billion dollars of gold bullion, 3.13 billion dollars of special drawing rights (SDR) and 4.37 billion dollars of IMF positions.

South Korea was the world's ninth-largest holder of foreign reserves as of end-June, unchanged from the previous month.

More South Korea News

Access More

Sign up for South Korea News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!