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S. Korea's FX reserves up in August

All News 06:00 September 05, 2016

SEOUL, Sept. 5 (Yonhap) -- South Korea's foreign exchange reserves rose slightly from a month earlier in August due to increased gains from investment in foreign assets and an increase in the dollar-converted value of non-dollar currencies, central bank data showed Monday.

As of the end of August, the country's foreign exchange reserves came to US$375.46 billion, up $4.08 billion from the previous month, the Bank of Korea (BOK) said in a statement.

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 country's reserve positions at the IMF stood at $1.81 billion as of the end of August, compared with $1.8 billion a month earlier.

Holdings in gold bullion remained unchanged at $4.79 billion during the same period, the statement said.

Meanwhile, the BOK said South Korea was the world's seventh-largest holder of foreign exchange reserves as of end-July, following China, Japan, Switzerland, Saudi Arabia, Taiwan and Russia, in that order.


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