The Bank of Korea on May 4 said in a report that foreign currency reserves reached USD 426.68 billion late last month. (iclickart). *[Unauthorized reproduction and redistribution of the above photo is strictly prohibited under copyright laws and regulations.]

By Hong Angie

Foreign currency reserves have increased for two consecutive months.

The Bank of Korea in a report released on May 4 said the amount reached USD 426.68 billion late last month, up USD 610 million from USD 426.07 billion in late March.

"The USD-converted value of holdings denominated in other currencies such as the EUR rose with the growth of revenue from foreign currency asset management and the greenback's slight decline," the report said.

The USD declined 0.6% last month based on the standard dollar index, causing the dollar value of holdings denominated in other currencies to rise.

Securities accounted for 87.7% of the reserves with USD 374.34 billion, deposits 6.5% with USD 27.85 billion, special drawing rights 3.5% with USD 14.93 billion, gold 1.1% with USD 4.79 billion and the International Monetary Fund's reserve position 1.1% with USD 4.77 billion.

The nation as of late March ranked ninth worldwide in foreign exchange reserves.

China topped the rankings with USD 3.18 trillion, followed by Japan with USD 1.25 trillion, Switzerland USD 894 billion, Russia USD 593.9 billion, India USD 578.4 billion, Taiwan USD 560.3 billion, Saudi Arabia USD 438.2 billion and Hong Kong USD 430.8 billion.

shong9412@korea.kr