Australian central bank adds S Korean won to reserve portfolio
RBA continues to unload euro holdings, while introducing seventh reserve currency
The Reserve Bank of Australia (RBA) has added South Korean won to its reserve portfolio for the first time, while cutting its euro allocation by 20%.
The central bank has invested 5% of reserve assets in the Korean currency, the central bank revealed today (March 2), making it the seventh currency to be added to the RBA’s US$43.7 billion portfolio.
“This investment will further diversify the [central] bank’s foreign currency reserves,” the RBA said.
The move follows the bank’s decision last year
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