APD | South Korea's foreign exchange reserves hit $408.82 billion in December

By APD writer Alice

South Korea’s foreign exchange reserves reached a record high of $408.82 billion by the end of last month, a month-on-month increase of $1.36 billion, according to the Bank of Korea (BOK).

The figure made South Korea the ninth in the world in foreign exchange reserves.

The rise in foreign exchange reserves was thanks to an increase in the US dollar value of assets in other foreign currencies due to the weakening of the greenback, said the central bank.

Foreign exchange reserves consist of foreign securities, special drawing rights, gold bullion and the International Monetary Fund reserve position.

As of the end of December, South Korea held some $385 billion worth of foreign securities, with an increase of $8.51 billion worth of bonds compared to the previous month, said the central bank.

However, foreign currency savings plunged $7.31 billion to $12.5 billion over the cited period, while the country's reserve position at the IMF gained $170 million to $2.79 billion.

The country’s special drawing rights and gold holdings were $3.35 billion and $4.79 billion, respectively.

(ASIA PACIFIC DAILY)