FX reserves continue to break records in May

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FX reserves continue to break records in May

Korea’s foreign exchange reserves continued their record breaking rally for the third month in a row in May on increased gains from investment in foreign assets, central bank data showed Tuesday.

The total value of the country’s foreign exchange reserves came to a record $398.98 billion last month, up $560 million from a month earlier, according to data from the Bank of Korea (BOK).

The figure has been breaking the previous records every month since March, when it hit $395.75 billion.

Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as International Monetary Fund (IMF) reserve positions, special drawing rights and gold bullion.

The BOK said the on-month gain was driven by a rise in proceeds from foreign asset investments as the value of foreign securities like government bonds and corporate debts amounted to $366.35 billion.

The country’s reserve position at the IMF stood at $1.58 billion at the end of May, while holdings in gold bullion were worth $4.79 billion during the same period, the central bank said.

The BOK, meanwhile, said that, as of the end of April, Korea placed ninth in the world ranking of foreign exchange reserves.

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