S Korea's Foreign Reserves Exceed $300 billion for the First Time

South Korea‘s foreign exchange reserves added $8.58 billion to $307.20 billion as of
end-April, exceeding 300 billion dollar worth reserves for the first time up from $298.62 billion at the end
of March.

According to The Bank of Korea, it was the biggest monthly gain since July in 2010 ($11.74 billion rise).

A stronger euro and pound increased more the translated value of dollar-denominated assets, together with investment income. Non-dollar assets comprises 36 percent of the reserves at the end of last year.

South Korea’s FX reserves, ranked seventh in the world at the end of March, have logged sequential monthly growth since last December, Reuters reported.

The won is expected to strengthen further as the dollar has been under pressure on expectations U.S. monetary policy will stay loose. South Korean policymakers are also seen easing their grip on the won to contain imported inflation, Reuters added.

(아주경제 송지영 기자)

AJP