Foreign currency reserves last month jumped nearly USD 800 million from February.
The Bank of Korea in a report released on April 5 said the amount reached USD 426.07 billion late last month, up USD 780 million from USD 425.29 billion in February.
“The main reason (for the rise) was an increase in the USD-denominated value of holdings in other currencies like the EUR due to the weak greenback,” the report said.
This means that the greenback’s 2.4% decline last month based on the standard USD index fueled a rise in the value of holdings in other currencies converted into USD.
Securities accounted for 88.6% of the reserves with USD 377.59 billion, deposits 5.7% with USD 24.14 billion, special drawing rights 3.5% with USD 14.8 billion, gold 1.1% with USD 4.79 billion and the International Monetary Fund’s reserve position 1.1% with USD 4.74 billion.
In late February, Korea had the world’s ninth-highest foreign exchange reserves.
China topped the rankings with USD 3.13 trillion, followed by Japan with USD 1.22 trillion, Switzerland USD 898.2 billion, Russia USD 574.2 billion, India USD 562.7 billion, Taiwan USD 558.4 billion, Saudi Arabia USD 452.3 billion and Hong Kong USD 429.1 billion.
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