April 23, 2024

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[THE INVESTOR] Korea’s foreign exchange reserves hit a fresh record high in November, central bank data showed on Dec. 5.

The total value of the country’s forex reserves reached US$387.25 billion as of the end of November, up US$2.79 billion from the previous month, the Bank of Korea said in a statement.

The figure marks the largest monthly total and exceeds the earlier record of US$384.84 billion set in August.

The BOK said that the recent depreciation of the US dollar increased the value of non-dollar currencies when converted into the greenback.

The country’s reserve position at the IMF stood at US$1.63 billion at the end of November, compared with US$1.69 billion a month earlier.

Holdings in gold bullion remained unchanged at US$4.79 billion during the same period, the statement said.

By Alex Lee and newswires (alexlee@heraldcorp.com)