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South Korean foreign reserves hit new high

Last Updated: Friday, October 5, 2012 - 15:09

Seoul: South Korea's foreign currency reserves hit a new high last month due to a rise in conversion value of non-dollar assets and a growth in investment returns, a report by the central bank showed Friday.

Foreign reserves reached a fresh record high of USd322.01 billion as of the end of September, up USd5.13 billion from a month earlier, according to the Bank of Korea (BOK).

The September figure was higher than the previous record of USd316.88 billion tallied in August, and stayed above the USd300-billion mark since April 2011 when it topped the level for the first time, reported Xinhua.

The USd300 billion mark is viewed as the psychologically-important level to protect the local financial market from potential foreign capital exodus from the country that may come from a possible financial crisis.

The BOK attributed the September growth to a rise in conversion value of non-dollar denominated assets, including the European single currency and the British pound, as well as a gain in investment returns.

IANS

First Published: Friday, October 5, 2012 - 15:09
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