S. Korea's FX reserves up for 8th straight month in November

Published : Dec 3, 2020 - 09:01 Updated : Dec 3, 2020 - 09:01

This file photo shows a Hana Bank official in Seoul inspecting US banknotes before their release into the local financial market. (Yonhap)

South Korea's foreign reserves rose for the eighth straight month in November, thanks to an increase in investment returns, central bank data showed Thursday.

The nation's foreign reserves came to a record high of $436.3 billion as of end-November, up $9.87 billion from a month earlier, according to the Bank of Korea (BOK).

Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.

The country's FX reserves have risen every month since April after dropping by the largest amount in over a decade in March amid the COVID-19 pandemic-caused market rout.

Foreign securities came to $394.6 billion as of end-November, up $10.9 billion from the previous month and accounting for 90.4 percent of the FX reserves.

Deposits fell $1.19 billion on-month to $29.3 billion, and gold holdings remained unchanged at $4.79 billion.

As of the end of October, South Korea was the world's ninth-largest holder of foreign exchange reserves. (Yonhap)