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

All Headlines 06:00 January 04, 2019

SEOUL, Jan. 4 (Yonhap) -- South Korea's foreign exchange reserves rose to a record high in December on a weakening U.S. dollar trend, the central bank said Friday.

The total value of foreign currency holdings came to US$403.69 billion as of end-December, up $710 million from a month earlier, according to the Bank of Korea (BOK). The figure broke the earlier high of US$403 billion tallied in September.

Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as International Monetary Fund reserve positions, special drawing rights and gold bullion.

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

In December, the U.S. dollar index retreated 0.4 percent on-month against the currencies of six major economies.

The value of foreign securities, such as government bonds and corporate debts, amounted to $379.6 billion last month, up $3.35 billion from a month earlier.

Foreign currency-denominated deposits fell $2.79 billion on-month to $13.73 billion in December.

The country's reserve position at the IMF stood at $2.14 billion at the end of December, while holdings in gold bullion were also unchanged at $4.79 billion during the same period, the central bank said.

As of end-November, South Korea ranked eighth in the world in terms of the amount of foreign reserve holdings. China topped the list, followed by Japan, Switzerland, Saudi Arabia and Russia, according to the BOK.

S. Korea's FX reserves hit record high in Dec. - 1

brk@yna.co.kr
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