Korea’s foreign exchange reserves hit fresh record high

South Korea’s foreign exchange reserves set a record high in April on the rise in the value of non-dollar assets and investment profit, the central bank said Thursday. The country’s foreign reserves totaled a record US$355.85 billion as of end-April, up $1.5 billion from the previous month, according to the Bank of Korea (BOK). It rose for the 10th straight month in April after declining the most in 13 months in June last year, according to South Korea’s (Yonhap) News Agency. Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion. The BOK said a weaker US dollar boosted the dollar-conversion value of non-dollar assets, while investment profit also rose. The euro appreciated 0.5% to the US dollar last month, and the British pound gained 1.1% per the greenback. As of the end of March, South Korea was the world’s seventh-largest holder of foreign-exchange reserves.