South Korea’s FX reserves hit record high in September

SEOUL, Oct. 6 (BNA) – South Korea’s foreign reserves rose to an all-time high in September due to higher profits from investing in foreign currency assets, central bank data showed on Wednesday.

South Korea’s Yonhap News Agency reported that the country’s foreign reserves reached 463.97 billion US dollars by the end of September, up 40 million dollars from the previous month, according to the Bank of Korea (BOK).

Foreign reserves consist of securities, deposits denominated in foreign currencies, IMF reserve positions, special drawing rights, and gold bullion.

Foreign securities reached $419.3 billion by the end of September, up $1.05 billion from the previous month and representing 90.4 percent of foreign currency reserves.

But deposits fell $1.15 billion a month to $19.85 billion, and gold holdings remained unchanged at $4.79 billion.

The Bank of Korea said that as of the end of September, South Korea was the eighth largest holder of foreign exchange reserves in the world.

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