Korea's foreign-exchange reserves rise to record high in October
Korea's foreign-exchange reserves rose to a record high in October, making it the fourth straight record-breaking month.
The Bank of Korea said Tuesday that the nation's foreign reserves totaled a record 343-billion U.S. dollars as of the end of last month, up 6.3 billion from September.
The central bank attributes the record high to the weak U.S. dollar and an increase in investment profit.
This puts Korea seventh in the world in terms of foreign reserves.
After struggling through two major global financial crises in 1997 and 2008, Korea has been proactive in accumulating foreign reserves to act as a buffer.
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