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South Korea's foreign reserves over $300 bn

South Korea,Business/Economy, Thu, 03 May 2012 IANS

Seoul, May 3 (IANS) South Korea's foreign reserves grew to a record high of $316.84 billion last month due to an increase in investment profits and a growth in conversion value of non-dollar denominated assets, the central bank said Thursday.

 

Foreign reserves reached a new high of $316.84 billion as of the end of April, up $890 million from a month earlier, according to the Bank of Korea (BOK).

 

The April figure surpassed the previous record high for three straight months. The reserves breached the $300 billion mark for the first time in April last year, reported Xinhua.

 

 

The BOK attributed the April growth to an increase in investment profits and a growth in conversion value of non-dollar denominated assets such as the British pound and the Japanese yen.

 

The country's foreign reserves consisted of $284.62 billion of securities, $23.83 billion of deposits, $3.55 billion of special drawing right (SDR), $2.67 billion of International Monetary Fund (IMF) positions and $2.17 billion of gold bullion.

 


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