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S. Korea's foreign reserves shrink in June

07-04-2011 11:10 BJT

SEOUL, July 4 (Xinhua) -- South Korea's foreign reserves shrank in June due to decreased conversion value of non-dollar denominated assets, the central bank said Monday.

Foreign reserves stood at 304.48 billion U.S. dollars as of the end of June, down 0.6 billion U.S. dollars from the previous month, the Bank of Korea (BOK) said in a statement.

The reserves posted an on-month contraction for the second straight month in June due to the reduced conversion value of pound-denominated assets. The British pound depreciated 2.4 percent against the dollar as of the end of last month compared with the previous month.

The country's foreign reserves consisted of 276.68 billion U.S. dollars of securities, 22.22 billion dollars of deposits, 3.58 billion dollars of special drawing rights (SDR), 1.92 billion dollars of International Monetary Fund (IMF) reserve position and 0.08 billion dollars of gold bullion.

As of the end of May, South Korea was the world's seventh- largest holder of foreign reserves following China, Japan, Russia, Taiwan, Brazil and India.

Editor:Li Wanran |Source: Xinhua

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