S. Korea's foreign reserves rise in Sept.

SEOUL, Oct. 5 (Yonhap) -- South Korea's foreign exchange reserves gained slightly from a month earlier in September mainly on an increase in foreign deposits that more than offset a large dip in securities, the central bank said Monday.

The country's foreign exchange reserves reached US$368.11 billion as of the end of last month, up $180 million from a month earlier, according to the Bank of Korea (BOK).

The September tally marked a turnaround from a $2.9 billion on-month drop in August. The country's foreign exchange reserves dwindled for two consecutive months since it peaked at a record high of $374.8 billion in June.

Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and bullion.

As of end-September, the value of foreign reserves held in securities, including overseas bonds, came to $334.34 billion, down $1.77 billion from the previous month.

Overseas deposits, on the other hand, jumped to $24.08 billion from $22.04 billion over the cited period, according to the BOK data.

South Korea was the world's seventh-largest holder of foreign reserves as of the end of August, tracking China, Japan, Saudi Arabia, Switzerland, Taiwan and Brazil.

bdk@yna.co.kr
(END)