Korea’s foreign reserves up for 4th consecutive month in September

Korea’s foreign reserves rose for the fourth consecutive month in September, primarily due to an increase in foreign currency deposits held by financial institutions, the central bank said Friday.

The country’s foreign reserves stood at $422.02 billion as of end-September, up $5.73 billion from a month earlier, according to the data from the Bank of Korea (BOK).

This marks the fourth straight monthly increase since reserves hit a five-year low of $404.6 billion in May.

The central bank attributed the rise to increased investment returns and a quarter-end effect that boosted foreign currency deposits held by financial institutions.

Foreign securities, such as U.S. Treasuries, had been valued at $378.4 billion as of end-September, up $12.25 billion from a month earlier.

The country’s International Monetary Fund reserve positions and special drawing rights remained unchanged from a month earlier, the data showed.

Korea ranked as the world’s 10th-largest holder of foreign reserves at end-August.

China topped the list, followed by Japan, Switzerland, India and Russia, according to the BOK.