Total Official Foreign Reserves Near $60 Billion
The Bank of Korea (BOK) revealed Monday that the official usable foreign reserves recorded 56.38 billion dollars as of the end of April, up 1.93 billion from a month earlier.The total official foreign reserves, usable plus the deposits at overseas Korean banks' branches, climbed by 1.81 billion dollars to reach 59.26 billion dollars.
This can be attributed to the continued current account surplus and the surge of foreign capital
flowing into the country in the hopes of taking more advantage of the bullish Seoul stock market.
The increases are expected to continue this year, although the speed may slow down in the second half due to increased foreign debt repayments, an official at the BOK said.
Shang-bok Shim : simsb@joongang.co.kr
with the Korea JoongAng Daily
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