S. Korea's FX Reserves Hit Record High in November

Write : 2017-12-05 08:17:02 Update : 2017-12-05 08:47:53

S. Korea's FX Reserves Hit Record High in November

South Korea's foreign exchange reserves hit a fresh record in November on the back of the weak U.S. dollar.
The Bank of Korea said Tuesday that the total value of the country's foreign exchange reserves reached 387-point-25 billion dollars as of the end of November, up two-point-79 billion dollars from the previous month.
The figure marks the largest monthly total and surpasses the earlier record of 384-point-84 billion dollars set in August. The figure hit a fresh record in November after decreasing for two straight months. 
The central bank said that the recent weakening of the U.S. dollar increased the value of non-dollar currencies when converted into the greenback.
South Korea was the world's ninth-largest holder of foreign exchange reserves as of the end of October, following China, Japan, Switzerland, Saudi Arabia, Taiwan, Russia, Hong Kong and India.

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