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S. Korea's FX reserves hit record high in July on weaker dollar

All News 06:00 August 04, 2021

SEOUL, Aug. 4 (Yonhap) -- South Korea's foreign reserves rose to an all-time high in July as a weaker U.S. dollar raised the value of non-dollar assets, central bank data showed Wednesday.

The nation's foreign reserves came to US$458.7 billion as of end-July, up $4.58 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 BOK said a weaker U.S. dollar boosted the dollar-conversion value of non-dollar assets in the FX reserves last month.

Foreign securities came to $414.9 billion as of end-July, down $4.44 billion from the previous month and accounting for 90.5 percent of the FX reserves.

But deposits rose $8.92 billion on-month to $30.8 billion, and gold holdings remained unchanged at $4.79 billion.

As of the end of June, South Korea was the world's eighth-largest holder of FX reserves, the BOK said.

This file photo shows a Hana Bank official in Seoul inspecting U.S. banknotes before their release into the local financial market. (Yonhap)


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