Foreign Reserves in July Reach $458.68 Billion...Record High Again

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Eun-byeol] South Korea's foreign exchange reserves have increased by nearly 4.6 billion dollars in one month, swelling again to a record high.

According to the Bank of Korea on the 4th, as of the end of July, South Korea's foreign exchange reserves stood at 458.68 billion dollars. This is an increase of 4.58 billion dollars compared to one month ago, marking the largest scale ever. South Korea's foreign exchange reserves broke the record consecutively at the end of April and in May this year.

The increase in foreign exchange reserves is due to the rise in deposits from financial institutions and earnings from foreign currency asset management. Looking at the foreign exchange reserves by asset type, deposits amounted to 30.81 billion dollars, surging by 8.92 billion dollars in one month. The IMF position, which is the drawing right of exchangeable currency with the International Monetary Fund (IMF), increased by 90 million dollars to 4.67 billion dollars, and the IMF Special Drawing Rights (SDR, 3.5 billion dollars) remained the same as the previous month.

The largest portion, securities, amounted to 414.9 billion dollars, decreasing by 4.44 billion dollars in one month. Gold, which is recorded at the purchase price without reflecting market value, remained the same as the previous month at 4.79 billion dollars.

As of the end of June, South Korea's foreign exchange reserves ranked 8th in the world with 454.1 billion dollars. China had the largest amount at 3.214 trillion dollars, followed by Japan (1.3765 trillion dollars) and Switzerland (1.0846 trillion dollars).

This content was produced with the assistance of AI translation services.