S. Korea's foreign exchange reserves hit record high in January
- 5 years ago
Korea's foreign exchange reserves rose to a fresh high last month... mainly due to a weaker dollar.
Data from the Bank of Korea shows F-X reserves came to just over 405 billion dollars in January,... up almost two billion from the month before.
The total value of Korea's foreign currency holdings has been on the rise for three consecutive months.
The central bank attributed the increase to a depreciation of the greenback... which means an increase in the value of other currencies when converted into dollars.
In general, F-X reserves are held to back up the national currency in case of a devaluation.
As of the end of December, Korea had the eighth biggest F-X reserves in the world, with China topping the list.
Data from the Bank of Korea shows F-X reserves came to just over 405 billion dollars in January,... up almost two billion from the month before.
The total value of Korea's foreign currency holdings has been on the rise for three consecutive months.
The central bank attributed the increase to a depreciation of the greenback... which means an increase in the value of other currencies when converted into dollars.
In general, F-X reserves are held to back up the national currency in case of a devaluation.
As of the end of December, Korea had the eighth biggest F-X reserves in the world, with China topping the list.