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S. Korea's foreign reserves rebound in 5 months at 369.8 bln USD

Xinhua, April 5, 2016 Adjust font size:

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 369.84 billion U.S. dollars as of end-March, up 4.08 billion dollars 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 340.53 billion dollars of securities, 20.3 billion dollars of deposits, 4.79 billion dollars of gold bullion, 2.38 billion dollars of special drawing rights and 1.84 billion dollars 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. Enditem