Korea’s Foreign Reserves Reach Nearly Three-Year High in October

Seoul: The Republic of Korea's foreign reserves increased for the fifth consecutive month in October, reaching their highest level in 33 months, according to data released by the Bank of Korea (BOK) on Wednesday. The country's foreign reserves stood at US$428.82 billion at the end of October, marking a rise of US$6.8 billion from the previous month, the BOK said. According to Emirates News Agency, this was the highest figure since January 2023, when reserves stood at US$429.97 billion. The increase was largely attributable to a rise in investment returns and the new issuance of foreign currency-denominated FX stabilisation bonds, the BOK said. Foreign securities, including US Treasuries, decreased by US$460 million to US$377.96 billion as of end-October, representing 88.1 percent of total foreign reserves. Meanwhile, foreign currency deposits rose by US$7.4 billion to US$25.94 billion, and special drawing rights (SDRs) were valued at US$15.71 billion. Gold bullion holdings remained unchanged at $4.79 billio n. The country's International Monetary Fund (IMF) reserve positions shed $80 million from a month earlier to $4.41 billion at end-October, the data showed. As of the end of September, the Republic of Korea ranked as the world's ninth-largest holder of foreign reserves. China topped the list, followed by Japan, Switzerland, Russia and India, according to the BOK.