Korea’s foreign exchange reserves increased to $428.8 billion in October
SEOUL, November 5, 2017 (WAM) – The Republic of Korea’s foreign exchange reserves rose for the fifth month in a row during the month of October, according to Central Bank of Korea data issued today.
The Korean Yonhap News Agency reported that the country’s foreign exchange reserves amounted to $428.82 billion at the end of October, an increase of $6.8 billion over the previous month.
The central bank said that the increase is mainly due to higher investment returns and the new issuance of exchange rate stabilization bonds denominated in foreign currency.
The value of foreign securities, such as US Treasury bonds, fell by $460 million to $377.96 billion at the end of October, constituting 88.1% of total foreign exchange reserves.
The value of foreign currency deposits increased by $7.4 billion to $25.94 billion, while special drawing rights reached $15.71 billion.
Gold bullion remained at $4.79 billion, unchanged.
The country’s reserve position with the International Monetary Fund fell by $80 million from the previous month to $4.41 billion at the end of October.
Korea was ranked ninth in the world at the end of September in terms of the size of foreign exchange reserves.
China topped the list, followed by Japan, Switzerland, Russia and India, according to the Bank of Korea.
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