Korea moves up on the list of gold foreign reserves

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Korea moves up on the list of gold foreign reserves

Korea now ranks 34th in the world in gold foreign reserves holdings, according to the World Gold Council yesterday.

Korea ranked 43rd last year. The bank of Korea’s gold bullion reserves stand at 104.4 tons. In the past two years, the Korean central bank has been aggressively increasing its reserves.

In 2011 the central bank for the first time in 13 years bought additional gold. Korea’s global ranking in 2011 was 56th. Gold accounted for 1.5 percent of Korea’s $326.4 billion foreign reserves as of June 30. The United States still holds the top position with 8,133.5 tons, followed by Germany with 3,391 tons.

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