alt
Posted : 2012-10-05 09:24
Updated :  

Foreign reserves hit new high in Sept.

The country's foreign reserves rose to a fresh high in September mainly because the U.S. dollar remained weak against major currencies, the central bank said Friday.

The country's foreign reserves reached $322.01 billion as of the end of September, up $51.3 billion from the previous month, according to the Bank of Korea (BOK).

The central bank attributed the September rise largely to the appreciation of the euro and the pound against the greenback.

"The dollar conversion value of assets denominated in the euro and the pound surged last month due to the greenback's weakness," the BOK said. "Also responsible was a rise in profits from foreign currency assets."

Last month, the euro appreciated nearly 0.7 percent on-month to the dollar and the British pound rose 0.2 percent against the greenback.

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

As of end-August, South Korea was the world's seventh-largest holder of foreign exchange reserves. (Yonhap)

  • 1. Defector Park Yeon-mi describes plight of N. Korean people in moving speech
  • 2. Actress yields boxer career over injury
  • 3. President Park's appointments erode public trust
  • 4. Boseong residents irked by misleading '100 won taxi' campaign
  • 5. Obama gets last laugh after man jokes, 'Don't touch my girlfriend'
  • 6. 'Daydreaming contest' to be held at Seoul Plaza
  • 7. Comedians should make fun of us more, lawmakers say
  • 8. Are kiosks the answer to long iPhone lines?
  • 9. McDonald's pushes shrimp burger in Korea
  • 10. Surfer bullies shark to save sons in Maui
Copy editors wanted
Experienced reporters wanted