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S. Korea's FX reserves hit fresh high in June

All News 06:00 July 03, 2020

SEOUL, July 3 (Yonhap) -- South Korea's foreign reserves climbed to a new record high in June, partly due to the weakening of the U.S. dollar, central bank data showed Friday.

The country's foreign reserves came to US$410.75 billion as of the end of last month, up $3.44 billion from a month earlier, according to the data from the Bank of Korea (BOK).

The amount marks the world's ninth-largest FX reserves.

In this file photo, taken on May 6, 2020, a Hana Bank official in Seoul is seen inspecting U.S. banknotes before their release into the local market. (Yonhap)

The increase was partly attributed to a rise in returns on investment, but also to the weakening of the U.S. greenback that pushed up the dollar value of assets held in other foreign currencies, such as the euro and Japanese yen.

At end-June, each euro fetched about $1.124, up 1.5 percent from $1.107 a month earlier, according to the BOK.

Foreign reserves consist of foreign securities, including government and corporate bonds, foreign currency deposits, special drawing rights, gold bullion and the International Monetary Fund (IMF) reserve position.

Foreign securities came to $372.58 billion as of end-June, up $6.88 billion from a month earlier and accounting for 90.7 percent of overall FX reserves.

Foreign currency deposits, on the other hand, dipped $3.97 billion to $26.04 billion over the cited period, while the country's special drawing rights added $280 million to $3.08 billion.

Its gold holdings remained unchanged at $4.79 billion, while its IMF reserve position gained $260 million to $4.25 billion.


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