South Korea holds gold reserves worth $2.17 billion
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South Korea holds gold reserves worth $2.17 billion
SEOUL(BullionStreet): Asia's fourth largest economy,
South Korea holds gold bullion worth $2.17 billion at the end of April,
according to country's central bank.
In a statement, Bank of Korea (BOK) said country's foreign reserves
reached a new high of $316.84 billion as of the end of April, up $890
million from a month earlier.
The April figure surpassed the previous record high for three
straight months. The reserves breached the $300 billion mark for the
first time in April last year.
The BOK attributed the April growth to an increase in investment
profits and a growth in conversion value of non-dollar denominated
assets such as the British pound and the Japanese yen.
The country's foreign reserves also consisted of $284.62 billion of
securities, $23.83 billion of deposits, $3.55 billion of special drawing
right (SDR) and $2.67 billion of International Monetary Fund (IMF)
positions.
As of end-March, Korea had the seventh-largest foreign reserve in the
world, according to the BOK. China, Japan and Russia ranked in the top
three, with Taiwan, Brazil and Switzerland coming in ahead of Korea.
South Korea holds gold bullion worth $2.17 billion at the end of April,
according to country's central bank.
In a statement, Bank of Korea (BOK) said country's foreign reserves
reached a new high of $316.84 billion as of the end of April, up $890
million from a month earlier.
The April figure surpassed the previous record high for three
straight months. The reserves breached the $300 billion mark for the
first time in April last year.
The BOK attributed the April growth to an increase in investment
profits and a growth in conversion value of non-dollar denominated
assets such as the British pound and the Japanese yen.
The country's foreign reserves also consisted of $284.62 billion of
securities, $23.83 billion of deposits, $3.55 billion of special drawing
right (SDR) and $2.67 billion of International Monetary Fund (IMF)
positions.
As of end-March, Korea had the seventh-largest foreign reserve in the
world, according to the BOK. China, Japan and Russia ranked in the top
three, with Taiwan, Brazil and Switzerland coming in ahead of Korea.
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