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Economic Report

Economic reports, briefs issued by Samsung Economic Research Institute

Weekly Briefs (Nov. 4 - 8)

Weekly Briefs (Nov. 4 - 8)

Nov. 11, 2013

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Monday, November 4
Korea's foreign exchange reserves set a new high for fourth consecutive months. At the end of October, the country's official foreign exchange reserves came in at US$343.23 billion, adding US$6.3 billion from the previous month, the Bank of Korea (BOK) reported. It also rose by the fastest pace since October 2011 when the growth was US$7.59 billion. Upon the US Federal Reserve's decision to continue its quantitative easing, non-dollar currencies including the euro strengthened, and the dollar conversion values of the reserves dominated in those currencies increased. An increase in management profits generated from foreign currency-denominated assets also contributed to the rise, the central bank explained. Korea's foreign exchange reserves at end-October consisted of securities standing at US$310.75 billion (90.5%), deposits at US$21.66 billion (6.3%), gold bullion valued at US$4.79 billion (1.4%), special drawing rights at US$3.49 billion (1%) and International Monetary Fund reserve positions at US$2.53 billion (0.7%).

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