May 11, 2024

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[THE INVESTOR] Korea’s foreign exchange reserves set a new record high for the second month in a row in April on increased gains from investment in foreign assets, central bank data showed on May 4.

The total value of the country’s forex reserves came to US$398.42 billion, up US$1.67 billion from a month earlier, according to the data by the Bank of Korea.

Last month’s figure topped the previous record of US$396.75 billion set in March.

The BOK said the on-month gain was driven by a rise in proceeds from foreign asset investments as the value of foreign securities like government bonds and corporate debt added US$7.07 billion to US$370.15 billion.

The country’s reserve position at the IMF stood at US$1.61 billion at the end of April, while holdings in gold bullion were worth US$4.79 billion during the same period, the central bank said.

The BOK, meanwhile, said that, as of the end of March, South Korea placed ninth in the world ranking of foreign exchange reserves, with China topping the list, followed by Japan and Switzerland.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)