S Korea foreign reserves hit record in February

South Korea's foreign exchange reserves greatly increased in February reaching a record $315.8 billion as the strength of the Euro and the British pound boosted the conversion value of those assets. According to South Korean news agency (Yonhap), the country's foreign reserves soared as of the end of last month, up 4.46 billion from January. "(The rise) results from an increase in the conversion value of the Euro and the pound as well as profit from foreign-currency assets," the Bank of Korea said in a statement. In February, the Euro appreciated 2.5% to the U.S. dollar, while the pound rose 1.2% against it. Foreign reserves consist of securities and deposits denominated in overseas currencies, along with the International Monetary Fund reserve positions, special drawing rights and gold bullion.