S. Korea’s foreign reserves hit all-time high in May

Posted on : 2021-06-04 17:19 KST Modified on : 2021-06-04 17:19 KST
As of late April, South Korea ranked eighth in the world for its amount of foreign reserves
(Hankyoreh photo archives)
(Hankyoreh photo archives)

South Korea’s foreign reserves reached an all-time high of US$456.46 billion as of late May 2021.

The Bank of Korea (BOK) released figures on late May foreign reserves Thursday, noting that they had increased by US$4.15 billion from the month before. Over the last month, the amount of foreign reserves increased from what was already a record high total of US$452.3 billion as of late April.

As the US dollar remains weak, foreign-denominated assets in other currencies increased in dollar value. The BOK attributed the increase to “rises in financial institution reserve deposits, the dollar value of foreign-denominated assets amid the weakness of the US dollar, and revenues from foreign-denominated assets.”

Foreign reserves are foreign-denominated funds stockpiled by countries for emergency situations. They are filled with key currencies and gold.

As of late May 2021, South Korea’s foreign reserves consisted of US$414.05 billion in marketable securities (90.7%), US$29.44 billion in deposits (6.4%), US$4.79 billion in gold (1.1%), a US$4.64 billion International Monetary Fund (IMF) reserve position (1.0%), and US$3.54 billion in IMF special drawing rights (0.8%).

As of late April, South Korea ranked eighth in the world for its amount of foreign reserves, climbing up one position from ninth in late March.

By Jun Seul-gi, staff reporter

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