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S. Korea's FX reserves hit record high in Nov.

All News 06:00 December 05, 2017

SEOUL, Dec. 5 (Yonhap) -- South Korea's foreign exchange reserves hit a fresh record high in November on the back of the weakening U.S. dollar, central bank data showed Tuesday.

The total value of the country's foreign exchange reserves reached US$387.25 billion as of the end of November, up $2.79 billion from the previous month, the Bank of Korea (BOK) said in a statement.

The figure marks the largest monthly total and exceeds the earlier record of $384.84 billion set in August.

The BOK said that the recent depreciation of the U.S. dollar increased the value of non-dollar currencies when converted into the greenback.

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 position at the IMF stood at $1.63 billion at the end of November, compared with $1.69 billion a month earlier.

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

The BOK, meanwhile, said that as of the end of October, South Korea was the world's ninth-largest holder of foreign exchange reserves behind China, Japan, Switzerland, Saudi Arabia, Taiwan, Russia, Hong Kong and India.


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