South Korea's FX reserves hit $417b at end-July | Asian Banking & Finance
,Korea

South Korea's FX reserves hit $417b at end-July

It reached a record-high in the value of non-dollar assets and investment return.

South Korea’s foreign reserves rose for the fourth straight month in July, reaching $416.53b at the end of the month, reported Yonhap News Agency.

The reserves hit a record-high on the increase in the value of non-dollar assets and a surge in investment return. Foreign reserves include securities and deposits in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.

The Bank of Korea said the FX reserves climbed last month as a feeble US dollar boosted the dollar-conversion value of non-dollar assets, whilst investment profit rose.

Foreign securities came to $379.38 billion as of end-July, up $6.8b from June and comprising 91.1%% of FX reserves. Gold holdings remained unchanged at $4.8b.

As of end-June, South Korea was the world's nine-largest holder of FX reserves.

Get Asian Banking & Finance in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The number of HNWIs is expected to reach 3.9 million in 2021 or 60.6% of the population.
Banks have to remain consistent and continuous in testing best practices.
Shares were priced at the top end, at KRW39,000 ($34).
In January, 1.2 million transactions were carried out via the SGQR.
Its launch will require legal changes to the nation’s foreign exchange and IT rules.
But less than half of consumers are impressed with the digital financial services currently offered.
Treasury teams can mobilize liquidity and fund intraday payments in real-time.
Customers have the option to pay their tax balances in full or partially.
About 750 new accounts have been opened in four APAC markets through the new portal.
UnionDigital will be a wholly-owned subsidiary of the Philippine lender.
SmartStream’s Peter Hainz and Amazon Web Services’ Anna Green shared their insights on the advantages of on-demand and highly scalable cloud environments for banks and other financial institutions, as well as the factors hindering its adoption in the region.
This August, the Asian Banking & Finance and SAP will provide insights on the evolving landscape for ESG in financial services.
Thirteen lenders noted that demand was moderately weaker than the preceding 3-month period.
Investors will likely seek signs that private lenders will be able to step up lending once COVID subsides.