(MENAFN) South Korea’s foreign exchange reserves climbed for the fifth consecutive month in October, driven by stronger investment returns and the sale of foreign exchange stabilization fund bonds, data from the Bank of Korea (BOK) showed Wednesday.

The nation’s foreign reserves rose 6.80 billion U.S. dollars from September to reach 428.82 billion dollars at the end of October, extending the upward trend that began in June, according to the central bank.

The steady growth, the BOK noted, stemmed from higher yields on reserve investments and the issuance of 1.7 billion dollars in foreign exchange stabilization fund bonds — debt instruments used to secure liquidity for stabilizing the won’s exchange rate.

At the end of October, South Korea’s reserves consisted of 377.96 billion dollars in securities, 25.94 billion dollars in deposits, 15.71 billion dollars in special drawing rights (SDRs), 4.79 billion dollars in gold bullion, and 4.41 billion dollars in the IMF position.

The data also showed that the country ranked as the world’s ninth-largest holder of foreign reserves at the end of September, moving up one spot from the previous month.

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