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South Korea holds gold reserves worth $2.17 billion

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South Korea holds gold reserves worth $2.17 billion

Post by Dirtbikepilot on Fri May 04, 2012 12:06 pm

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.
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