S. Korea's foreign exchange reserves hit record high in December
- 5 years ago
South Korea saw a fresh high in its foreign exchange reserves for the month of December.
According to the Bank of Korea on Friday, F-X reserves amounted to just under 403-point-7 billion U.S. dollars... up 710-million dollars from the previous month.
This is the highest figure since September.
The BOK attributed the increase to a weaker greenback... which in turn means an increase in the value of other currencies when converted into dollars.
In general, foreign exchange reserves are held to back up the national currency in case of a devaluation.
As of the end of November, South Korea had the eighth biggest F-X reserves in the world.
The country with the most was China.
According to the Bank of Korea on Friday, F-X reserves amounted to just under 403-point-7 billion U.S. dollars... up 710-million dollars from the previous month.
This is the highest figure since September.
The BOK attributed the increase to a weaker greenback... which in turn means an increase in the value of other currencies when converted into dollars.
In general, foreign exchange reserves are held to back up the national currency in case of a devaluation.
As of the end of November, South Korea had the eighth biggest F-X reserves in the world.
The country with the most was China.