Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = Last month, foreign exchange reserves increased by $1.3 billion(KRW 1.7784 trillion) compared to the previous month.

According to the ‘Foreign Exchange Reserves at the End of July 2024’ released by the Bank of Korea on the 5th, Korea’s foreign exchange reserves at the end of last month were 413.51 billion dollars (565 trillion 681.68 billion won), an increase of 1.3 billion dollars from the end of the previous month. It is the first increase in four months after a downward trend since April.

The Bank of Korea explained, “The decrease in foreign currency deposits at financial institutions was due to the disappearance of the quarter-end effect, but this was due to the issuance of new foreign currency stabilization bonds and the increase in the US dollar equivalent of foreign currency assets in other currencies due to the weakening of the US dollar.”

Securities such as U.S. Treasury bonds, government agency bonds, and corporate bonds, which account for the majority of foreign exchange reserves, increased by $3.07 billion(KRW 4.19734 trillion) from the previous month to $367.05 billion(KRW 502.1244 trillion). On the other hand, deposits last month decreased by $2.08 billion(KRW 2.84336 trillion) from the previous month to $22.35 billion(KRW 30.55692 trillion).

The International Monetary Fund(IMF) SDR(Special Drawing Rights) increased by $300 million (KRW 410.1 billion) from the previous month to $14.95 billion(KRW 20.43665 trillion), and the IMF position increased by $10 million(KRW 13.665 billion) from the previous month to $4.37 billion(KRW 5.97165 trillion). Gold was $4.79 billion(KRW 6.545535 trillion), the same as the previous month.

As of the end of June, our country's foreign exchange reserves ranked 9th in the world.

By Soon-ki Lee(s8789@nspna.com) and Soo-in Kang(sink606@nspna.com)

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