Korea’s foreign reserves hit record $403 billion

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Korea’s foreign reserves hit record $403 billion

Korea’s foreign reserves continued to break records for the fifth month in a row in July thanks to steady gains from investments and a weaker U.S. dollar, the central bank said Friday.

The total value of the country’s foreign exchange reserves came to an all-time high of $402.45 billion last month, up $2.15 billion from a month earlier, according to the Bank of Korea (BOK).

Korean foreign exchange reserves surpassed the $400 billion line in June, some seven years after topping the $300 billion mark.

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 due to a rise in proceeds from foreign asset investments as the value of foreign securities, like government bonds and corporate debts, amounted to $374.91 billion last month, up $7 billion from a month earlier.

Also, in July the U.S. dollar index lost 1 percent on-month against the currencies of six major economies that increased the value of non-dollar currencies when converted into the greenback.

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