S Korea's foreign reserves settle new record in Oct.

08:00, November 03, 2010      

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South Korea's foreign reserves as of the end of October 2010 amounted to 293.35 billion U.S. dollars, scoring a new record high, the central bank said Tuesday.

According to the Bank of Korea (BOK), the October reserves rose 3.57 billion U.S. dollars from the 289.78 billion U.S. dollars total at the end of September.

The gain was mainly attributable to an increase in the operating profits on the foreign reserves and to an increase in the U.S. dollar translation values of yen-and euro-denominated reserves, the BOK explained.

As of end-October, South Korea's foreign exchange reserves were made up of 256.33 billion U.S. dollar-worth securities, 32.35 billion U.S. dollar-worth deposits, and 3.61 billion U.S. dollar Special Drawing Rights (SDR).

The remaining consisted of IMF reserve position worth 0.99 billion U.S. dollars and gold amounting to 0.08 billion U.S. dollars, the BOK said.

The data came amid the continuous hike in the local currency against the U.S. dollar, triggered by a fall in the greenback.

Source: Xinhua


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