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S. Korea's foreign reserves grow in 3 months
2012-02-02 09:33

SEOUL, Feb. 2 -- South Korea's foreign reserves grew for the first time in three months in January due to a rise in conversion value of non-dollar denominated assets and an increase in investment profits, the central bank said Thursday.

Foreign reserves reached 311.34 billion U.S. dollars as of the end of January, up 4.94 billion dollars from a month earlier, according to the Bank of Korea (BOK).

The reserves expanded for the first time since October last year when the figure grew 7.59 billion dollars on an on-month basis. The January increase sent the nation's reserves close to an all-time high of 312.19 billion dollars tallied in August last year.

The BOK mainly attributed the January growth to rising conversion value of non-dollar denominated assets such as the Europe's shared currency and the British pound as well as an increase in investment profits.

The country's foreign reserves consisted of 285.25 billion dollars of securities, 17.85 billion dollars of deposits, 3.49 billion dollars of special drawing right (SDR), 2.58 billion dollars of International Monetary Fund (IMF) positions and 2.17 billion dollars of gold bullion.

As of the end of December, South Korea was the world's seventh- largest hold of foreign reserves following China, Japan, Russia, China's Taiwan, Brazil and Switzerland. Enditem