South Korea’s foreign reserves had come to US$426.07 billion as of end-March, up $780 million from the previous month.
South Korea’s foreign reserves grew in March as the dollar’s descent increased the conversion value of holdings in other currencies, South Korea’s central bank data showed Wednesday. South Korea’s (Yonhap) News Agency reported that the country’s foreign reserves reached 426.07 billion US dollars at the end of March, up 780 million dollars from the previous month.
The dollar’s fall last month boosted the converted value of holdings denominated in other currencies, the BOK explained.
The dollar index that gauges the greenback’s value against major peers fell about 2.4% last month, the central bank said.
Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.
Foreign securities, such as US Treasuries, had been valued at $377.59 billion as of end-March, up $3.09 billion from a month earlier. They accounted for 88.6% of total foreign reserves. (QNA)
Source: Qatar News Agency