South Korea's foreign reserves grow for third straight month

South Korea's foreign reserves grew for the third straight month due to higher conversion value in non-U.S. dollar assets, central bank data showed Monday.

Foreign currency reserves increased 4.05 billion U.S. dollars from a month earlier to 419.97 billion dollars at the end of September, keeping an upward trend since July, according to the Bank of Korea (BOK).

The continued expansion came as the weak dollar raised the conversion value of non-dollar assets. The dollar index, which gauges the dollar value versus six major peers, retreated 0.9 percent last month.

The country's foreign reserves were composed of 373.30 billion dollars of securities, 22.28 billion dollars of deposits, 15.33 billion dollars of special drawing rights, 4.79 billion dollars of gold bullion and 4.27 billion dollars of the IMF position.

South Korea ranked as the world's ninth-largest holder of foreign reserves at the end of August, unchanged from the previous month.

(Source: Xinhua)

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