Foreign reserves gained USD 3.27 billion from a month earlier to USD 329.71 billion as of the end of July, topping the previous record high of USD 328.91 billion in January, according to the Bank of Korea (BOK), a news agency reported. The appreciation of non-dollar currencies raised the conversion value of non-dollar assets. The continued gain in management returns of foreign reserves also contributed to rising reserves denominated in the greenback.

The Euro appreciated 1.8 percent to the dollar in July, and the Japanese yen rose 0.4 percent versus the greenback last month. As of the end of June, South Korea was the world's seventh-largest holder of foreign reserves following China, Japan, Russia, Switzerland, Taiwan and Brazil.

The reserves in South Korea stayed above the USD 300 billion mark since April 2011 when it topped the level for the first time in history. The foreign reserves consisted of USD 301.34 billion of securities, USD 17.55 billion of deposits, USD 4.79 billion of gold bullion, USD 3.42 billion of special drawing rights (SDR) and USD 2.6 billion of International Monetary Fund (IMF) positions.

(Agencies)

Latest News  from Business News Desk