The Bank of Korea on Aug. 5 released statistical data from late July saying foreign exchange reserves reached USD 411.3 billion (KRW 569 trillion) last month, up USD 1.13 billion from late June. Shown is a scene on April 3, 2024, from the Counterfeit Notes Response Center of Hana Bank headquarters in Seoul's Jung-gu District. (Yonhap News)

By Kim Seon Ah

Foreign exchange reserves rose for the second consecutive month in July to surpass USD 410 billion.

The Bank of Korea on Aug. 5 released statistical data from late July showing USD 411.3 billion (KRW 569 trillion) last month in foreign currency holdings, up USD 1.13 billion from late June. The amount had fallen to a five-year low in late May but increased for the second straight month.

"The strengthening of the USD reduced the dollar conversion value of foreign currency assets in other currencies but raised the issuance of new bonds for foreign exchange stabilization and operating income," the bank said.

The proceeds from the issuance of EUR 1.4 billion in such bonds from the end of June were paid last month.

By type, securities rose USD 6.56 billion while deposits fell USD 5.29 billion and the International Monetary Fund's special drawing rights decreased USD 190 million. Gold reserves stayed the same as in June with USD 4.79 billion.

The country thus ranked 10th in the world in foreign exchange reserves.

China was first with USD 3.31 trillion, Japan second with USD 1.31 trillion, Switzerland third with USD 1.19 trillion, India fourth with USD 698.1 billion and Russia fifth with USD 688.7 billion.

sofiakim218@korea.kr