Korea's foreign reserves rise $1.49 bln in Oct.

Korea's foreign reserves rise $1.49 bln in Oct.

South Korea’s foreign exchange reserves grew slightly from a month earlier in October, largely on an increase in overseas deposits, the central bank said Wednesday.

The country’s foreign exchange reserves came to $369.6 billion as of the end of October, gaining $1.49 billion from a month earlier, according to the Bank of Korea.

South Korea’s foreign exchange reserves rose for the second consecutive month in October, with the amount increasing $180 million in September from the previous month.

Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as International Monetary Fund reserve positions, special drawing rights and gold bullion.

The rise was mostly attributed to an increase in overseas deposits, which gained $1.26 billion on-month to $25.34 billion. Foreign reserves held in securities, including overseas bonds, rose $260 million from a month earlier to $334.6 billion as of the end of October.

BOK’s holdings of gold bullion came to $4.79 billion as of end-October, unchanged from the previous month.

As of end-September, South Korea was the world’s seventh-largest holder of foreign exchange reserves, tracking China, Japan, Saudi Arabia, Switzerland, Taiwan and Russia, the BOK said. (Yonhap)
Source:http://www.koreaherald.com/view.php?ud=20151104000357

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