S.Korea's foreign reserves hit record high in November

2020-12-03 04:06:01 GMT2020-12-03 12:06:01(Beijing Time) Xinhua English

SEOUL, Dec. 3 (Xinhua) -- South Korea's foreign currency reserves hit a fresh record high in November, keeping an upward trend for eight months running, central bank data showed Thursday.

Foreign reserves reached a new high of 436.38 billion U.S. dollars as of the end of November, up 9.87 billion dollars from a month earlier, according to the Bank of Korea (BOK).

The reserves continued to grow for eight months since April, posting the fastest monthly increase in over 10 years since July 2010.

The continued growth was attributed to an increased return on investment and the higher conversion value of non-dollar assets.

The country's foreign reserves were composed of 394.64 billion dollars of securities, 29.32 billion dollars of deposits, 4.79 billion dollars of gold bullion, 3.22 billion dollars of special drawing rights (SDR) and 4.4 billion dollars of IMF positions.

South Korea was the world's ninth largest holder of foreign reserves as of the end of October, unchanged from the previous month. Enditem