S. Korea Boosts Gold Reserves

Posted August 1st, 2011 at 8:55 pm (UTC-5)
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South Korea’s central bank said it has bought gold for the first time in a little more than 13 years, diversifying its foreign exchange reserves away from the U.S. dollar.

The Bank of Korea Tuesday said it bought 25 tons of gold from the global market between June and July, bringing its total gold reserves to 39.4 tons.

It is the first time the bank has bought gold since the 1997-1998 East Asian financial crisis.