South Korea's forex reserves exceed $264b

	MENAFN - 03/11/2009

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(MENAFN) South Korea's foreign exchange reserves rose to the second-highest level ever in October mainly due to a rise in the U.S. dollar-converted value of assets denominated in other currencies, Yonhap reported.

According to the Bank of Korea (BOK), South Korea's foreign reserves in October amounted to $264.19 billion, marking an month-on-month rise of $9.94 billion.

The amount of foreign reserves, which stayed on the rise for the eighth straight month, hit the highest level since March 2008 when it marked a record high of $264.25 billion, the BOK added.

The BOK said the October rise can be attributed to multiple favorable factors, such as retrieving $1.5 billion in maturing dollar funds from local banks and $800 million from the National Pension Service.

The BOK also attributed the gain to a weaker U.S. dollar, which boosted up the converted value of assets denominated in other currencies.

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