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S.Korea’s foreign reserves rise to 407.3 bln USD in May

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South Korea‘s foreign reserves rose for two straight months in May as the weak U.S. dollar raised the conversion value of non-dollar assets, central bank data showed Wednesday.

Foreign reserves amounted to 407.3 billion U.S. dollars as of the end of May, up 3.33 billion dollars from a month earlier, according to the Bank of Korea (BOK). It increased by 3.77 billion dollars in April.

The expansion came as the dollar weakness lifted the conversion value of non-dollar assets.

The country’s foreign reserves were composed of 365.71 billion dollars of securities, 30.01 billion dollars of deposits, 4.79 billion dollars of gold bullion, 2.8 billion dollars of special drawing rights (SDR) and 3.99 billion dollars of IMF positions.

South Korea was the world‘s ninth-largest holder of foreign reserves as of end-April, unchanged from the previous month.

(XINHUA)

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