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South Korean foreign reserves hit new high

By IANS,

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 $322.01 billion as of the end of September, up $5.13 billion from a month earlier, according to the Bank of Korea (BOK).

The September figure was higher than the previous record of $316.88 billion tallied in August, and stayed above the $300-billion mark since April 2011 when it topped the level for the first time, reported Xinhua.

The $300 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.