South Korea's foreign reserves increased for the second straight month in August on the back of the increased value of non-US dollar assets and investment gains, central bank data showed Wednesday. The country's foreign reserves had come to $415.92 billion as of end-August, up $2.41 billion from the previous month, according to the data from the Bank of Korea (BOK). The central bank attributed the increase to a rise in the converted value of non-dollar assets amid the weak greenback and investment returns. The dollar index that gauges the greenback's value against major peers fell 3.1 percent last month, boosting the converted value of non-dollar assets, 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 $369.44 billion as of end-August, up $2.39 billion from a month earlier. They accounted for 88. 8 percent of foreign reserves, the data showed. The value of deposits stood at $22.05 billion at the end of August, down $310 million over the cited period. South Korea ranked as the world's ninth-largest holder of foreign reserves at the end of July, the BOK said. Source: Qatar News Agency
Related Posts
Oil Prices Drop to a Week Low
Oil prices declined by about one percent at the close of today’s trading session, marking their lowest level in a week.
Brent crude futures fell by 79 cents, or 0.9 percent, settling at $85.75 per barrel. Similarly, West Texas Intermediate (WTI) crud…
Dollar Stabilizes Near Highest Levels
Tokyo, The dollar hovered near a one-month peak against the euro on Tuesday, as traders braced for crucial US inflation data and Federal Reserve interest rate forecasts Wednesday.
The dollar index, which measures the greenback against the euro, sterl…
South Korea, Mongolia hold talks for economic partnership agreement
Seoul, South Korea launched the third round of talks for a comprehensive economic partnership with Mongolia on Tuesday that focuses on stronger cooperation on trade and supply chains, Seoul’s industry ministry said.
The third official round of negot…