S. Korea’s Foreign Reserves Rebound in 5 Months at USD369.8-B

Seoul (PNA/Xinhua) — South Korea’s foreign reserves rebounded for the first time in five months due to an increase in conversion value of non-dollar assets, central bank data showed on Tuesday.

Foreign currency reserves reached USD369.84 billion as of end-March, up USD4.08 billion from a month earlier, according to the Bank of Korea (BOK). It marked the first increase in five months.

The rebound came as the dollar weakened versus the euro and British pound amid expectations for delayed interest rate hikes in the United States. The weak dollar raised the conversion value of assets denominated in the euro and the pound.

The euro appreciated 3.9 percent to the dollar last month, with the pound rising 3.7 percent versus the greenback in March.

South Korea’s foreign reserves consisted of USD340.53 billion of securities, USD20.3 billion of deposits, USD4.79 billion of gold bullion, USD2.38 billion of special drawing rights and USD1.84 billion of International Monetary Fund positions.

As of end-February, South Korea ranked the world’s seventh-largest holder of foreign reserves, following China, Japan, Switzerland, Saudi Arabia, China’s Taiwan and Russia. (PNA/Xinhua) BNB/EBP