South Korea's foreign exchange reserves rose for a second consecutive month in April as the weaker value of the U.S. dollar boosted the dollar-conversion value of non-dollar assets, the nation's central bank said Wednesday.
According to the Bank of Korea (BOK), the nation's foreign reserves increased by US$5.6 billion to $222.9 billion as of the end of last month from a month earlier. The reserve had risen by $1.39 billion in March.
"Along with rising investment profits, the weaker value of the U.S. dollar boosted the dollar value of euros and other assets," the bank said.
Foreign reserves consist of securities and deposits denominated in overseas currencies, along with International Monetary Fund reserve positions, special drawing rights and gold bullion.
South Korea was the world's fourth-largest holder of foreign exchange reserves after China, Japan and Taiwan, the bank said.
China held the most with $853.7 billion as of the end of February, while Japan trailed with $852 billion. Taiwan followed with $257.1 billion.(Seoul=Yonhap News Agency)
South Korea's Foreign Reserves Up for Second Month in April |
