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You are here : Stone Home > Info Center > Financial News > S Korea's foreign reserves rise to record high in Nov.

S Korea's foreign reserves rise to record high in Nov.

Updated:2009-12-02 11:12:35

South Korea's foreign exchange reserves rose to a record high in November due to a rise in the U.S. dollar-converted value of assets denominated in other currencies and gain in investment profits, the central bank said Wednesday.

According to the Bank of Korea (BOK), South Korea's foreign reserves in November amounted to 270.89 billion U.S. dollars, marking a month-on-month rise of 6.7 billion U.S. dollars.

The amount of foreign reserves, which stayed on the rise for the ninth straight month, hit the highest level since March 2008 when it marked a record high of 264.25 billion U.S. dollars, the BOK added.

The BOK said the November rise can be attributed to multiple favorable factors, such as retrieving 500 million U.S. dollars in maturing dollar funds that it provided to local banks and 700 million U.S. dollars repaid by the National Pension Service to the BOK as part of its currency swap arrangement with the central bank. 

The BOK also attributed the gain to a weaker U.S. dollar, which boosted up the converted value of assets denominated in other currencies, and gain in investment profits. The government's dollar buying intervention measures also likely contributed to the November rise, according to local media.

The November reading showed that the role of foreign exchange reserves as a safety valve has been enhanced, according to Moon Han-geun, an official at the BOK.

"There will be no problem in dealing with potential external shocks given the level of the reserves," Moon was quoted as saying.

As of the end of October, South Korea was the world's sixth-largest holder of foreign exchange reserves.

 

 

Source:http://news.xinhuanet.com

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