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Korea foreign reserves hit record high of US$316.9bn
This is following the bottoming out of reserves during the Lehman crisis.
According to BBVA Research, Korea’s foreign reserves reached a record high of US$316.9bn in August. Reserves were up by $2.5 billion from the previous month, primarily due to valuation effects from a weaker US dollar vs other major currencies. Reserves bottomed out at around $200 billion during the Lehman crisis, and the dramatic increase since then is a factor behind the August 27 Moody’s upgrade of Korea’s sovereign rating to Aa3 (the fourth-highest possible rating).
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