S Korea’s foreign reserves hit record high at $378b

South Korea's foreign currency reserves hit a record monthly high in April thanks to the weak US dollar that increased the conversion value of non-dollar assets, central bank data showed yesterday, reports Xinhua.
Foreign reserves reached a new high of 378.46 billion US dollars as of end-May, up 1.89 billion dollars from a month earlier, according to the Bank of Korea (BOK).
The record-breaking foreign reserves stemmed from an increase in foreign assets investment return and the weak dollar, which raised the conversion valueof non-dollar assets.

S Koreas foreign reserves hit record high at $378b

South Koreas foreign currency reserves hit a record monthly high in April thanks to the weak US dollar that increased the conversion value of non-dollar assets, central bank data showed yesterday, reports Xinhua. Foreign reserves reached a new high of 378.46 billion US dollars as of end-May, up 1.89 billion dollars from a month earlier, according to the Bank of Korea (BOK). The record-breaking foreign reserves stemmed from an increase in foreign assets investment return and the weak dollar, which raised the conversion valueof non-dollar assets.