Foreign reserves grow in April on dollar's fall

Home > Business > Finance

print dictionary print

Foreign reserves grow in April on dollar's fall

A bank official sorts dollar bills at Hana Bank's counterfeit response unit in central Seoul on April 26. [NEWS1]

A bank official sorts dollar bills at Hana Bank's counterfeit response unit in central Seoul on April 26. [NEWS1]

 
Korea's foreign reserves grew in April as the dollar's descent increased the conversion value of holdings in other currencies, central bank data showed Thursday.
 
The country's foreign reserves came to $426.67 billion as of end-April, up $610 million from the previous month, according to the data from the Bank of Korea.
 
The dollar's fall last month boosted the converted value of holdings denominated in other currencies, the central bank explained.
 
The dollar index that gauges the greenback's value against major peers fell about 0.6 percent last month, it added.
 
Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.
 
Foreign securities, such as U.S. Treasuries, had been valued at $374.3 billion as of end-April, down $3.25 billion from a month earlier. They accounted for 87.7 percent of foreign reserves, the data showed.
 
The value of deposits stood at $27.85 billion in April, up $3.71 billion from a month earlier.
 
Korea ranked as the world's ninth-largest holder of foreign reserves at the end of March, according to the central bank.

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

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

Standards Board Policy (0/250자)