S Korea's foreign reserves in Dec. down from record-high

14:00, January 05, 2010      

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South Korea's foreign exchange reserves decreased from December last year, when the figure hit a record high, mainly due to a drop in the U.S. dollar-converted value of assets denominated in other currencies, the central bank said Tuesday.

According to the Bank of Korea (BOK), South Korea's foreign reserves in December amounted to 269.99 billion U.S. dollars, marking an on-month decline of 0.9 billion U.S. dollars from December when the figure marked 270.89 billion U.S. dollars in November, standing at a record high, the BOK said.

For the whole year, however, the figure rose by the greatest amount or record, soaring 68.77 billion U.S. dollars from the yearend of 2008.

The drop in foreign exchange reserves came as a relatively stronger U.S. dollar pulled down the converted value of assets denominated in Euro and the Japanese Yen, despite favorable factors, such as maturing currency swap lines and operating profits.

As of the end of November, South Korea was the world's sixth-largest holder of foreign exchange reserves, following China, Japan, Russia and India.

Source: Xinhua
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