world
South Korea foreign reserves rise $370 million in June but ranking slips to 13th
The Bank of Korea reported a $370 million increase in foreign reserves for June after a decline in May. The Korean won reached its weakest closing level since 2009.
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South Korea's foreign reserves stood at US$427.36 billion as of the end of June, up $370 million from the prior month, Yonhap reported. The Bank of Korea released the data on July 3. The increase reversed an $880 million drop recorded in May.
The central bank attributed the June gain to a $920 million rise in foreign currency-denominated deposits by financial institutions, which reached $22.27 billion. Foreign securities holdings fell $330 million to $380.34 billion and accounted for 89 percent of total reserves.
Special drawing rights declined $140 million to $15.64 billion, while the reserve position with the IMF fell $90 million to $4.31 billion.
Gold holdings stayed unchanged at $4.79 billion. The Korean won closed at 1,549.4 per U.S. dollar on June 30, its weakest level since March 6, 2009. South Korea ranked as the world's 13th-largest holder of foreign reserves as of end-May, down from 12th place in April.
China, Japan, Switzerland, Russia and India remained the top five holders.
