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FX reserves hit record high in May on weaker dollar

Economy 06:00 June 03, 2021

SEOUL, June 3 (Yonhap) -- South Korea's foreign reserves rose to a record high in May as the U.S. dollar's weakness improved the value of non-dollar assets, central bank data showed Thursday.

The nation's foreign reserves came to US$456.4 billion as of end-May, up $4.15 billion from the previous month, according to the Bank of Korea (BOK).

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

The FX reserves gained last month as a weaker U.S. dollar bolstered the dollar-conversion value of non-dollar assets.

Foreign securities came to $414 billion as of end-May, up $1.98 billion from the previous month and accounting for 90.7 percent of the FX reserves.

Deposits rose $2.21 billion on-month to $29.4 billion, and gold holdings remained unchanged at $4.79 billion.

As of the end of April, South Korea was the world's eight-largest holder of FX reserves.

FX reserves hit record high in May on weaker dollar - 1

kdh@yna.co.kr
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