Foreign reserves rise to record high of $322 billion in September

Home > Business > Economy

print dictionary print

Foreign reserves rise to record high of $322 billion in September

Korea’s foreign reserves rose to a fresh high in September mainly because the U.S. dollar remained weak against major currencies, the central bank said yesterday.

The country’s foreign reserves reached $322.01 billion as of the end of September, up $51.3 billion from the previous month, according to the Bank of Korea. The central bank attributed the September rise largely to the appreciation of the euro and the pound against the greenback. The dollar conversion value of assets denominated in the euro and the pound surged last month due to the greenback’s weakness. Last month, the euro appreciated nearly 0.7 percent on-month to the dollar and the British pound rose 0.2 percent against the greenback. As of end-August, Korea was the world’s seventh-largest holder of foreign exchange reserves.

More in Economy

Green New Deal to add 2,000 start-ups under a new plan

Hangeoleum model compromise is achieved for minbak

On the campaign trail

Online courses get failing grades from tech students

Help after the rains

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now