S. Korea’s foreign reserves hit new high in July

South Korea’s foreign exchange reserves climbed to a fresh high in July as a stronger British pound and Japanese yen boosted the dollar conversion value, the central bank said Tuesday. The country’s foreign reserves reached US$311.03 billion as of the end of July, up $6.55 billion from June, according to the Bank of Korea (BOK). Foreign reserves consist of securities and deposits dominated in overseas currencies, along with International Monetary Fund (IMF) reserve positions, special drawing rights and gold bullion. The on-month growth came on the back of gains in non-dollar currencies. In July, the pound gained 2.3 percent to the greenback, while the yen rose 4.7 percent. The euro, however, slipped 0.8 percent amid worries on the region’s debt crisis, according to South Korean news agency (YONHAP). The reserves exceeded the $300 billion level for the first time in April after they rose above the $200 billion mark in February 2005.