Sang Il Baek

Global Economic News

AS of the end of August this year, South Korea’s foreign exchange reserves reached US$463.93 billion, the largest ever.

According to the Bank of Korea’s “Foreign Exchange Reserves August 2021,” the country’s foreign exchange reserves increased by US$5.25 billion last month.

Previously, South Korea’s foreign exchange reserves set the highest record for seven consecutive months from June to December last year. It fell slightly from the previous month to US$442.73 billion in the end of January this year, but started to increase in late February, reaching the highest amount, US$447.56 billion.

It decreased to US$446.13 billion in March, and increased again in April, reaching US$452.31 billion. In May, it posted US$456.46 billion, setting record for two consecutive months. It seemed to decline to US$454.11 billion in June, but reached the record high for 2 consecutive months, US$458.68 billion in July and US$463.93 billion in August.

An official of the Bank of Korea said: “Due to the International Monetary Fund’s general allocation of SDR (Special Drawing Rights), foreign exchange reserves has increased and the operating profit also rose through foreign currency assets.