Foreign reserves hit record high in March

April 3, 2014

(Yonhap) The nation’s foreign-exchange reserves set a record high in March on the rise in the value of non-dollar assets and investment profit, the central bank said Thursday.

The country’s foreign reserves totaled a record US$354.34 billion as of end-March, up $2.55 billion from the previous month, according to the Bank of Korea (BOK).

This is the ninth straight month of increase after declining by the most in 13 months in June.

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 and investment profit also rose.

The euro appreciated 0.3 percent to the U.S. dollar last month, and the Australian dollar gained 3.2 percent per the greenback.

As of the end of February, South Korea was the world’s seventh-largest holder of foreign-exchange reserves.