Bank of Korea (BOK), South Korea's central bank, said Thursday that it lifted gold holdings last month in a bid to diversify its foreign reserves, Xinhua reports.
The BOK bought 16 tons in gold bullion in July, raising gold holdings to 70.4 tons, which was equivalent to 0.9 percent of its total foreign reserves, according to the bank.
The central bank expanded its gold holdings for the first time in eight months. The bank purchased 15 tons in global bar in November 2011 after buying a total of 25 tons for two months ending July last year.
"The bank increased gold holdings as part of its mid- to long- term strategy to diversify its reserve portfolio. Conditions for gold purchases improved last month amid foreign exchange market stabilization," said an official at the BOK.
Among global central banks, the BOK ranked 40th in terms of gold holdings, up three notches from the previous month, said the official.
SABIC contributes to national development
The Saudi Basic Industries Corporation (SABIC) sponsored the Industrial Innovation Award which was presented to developers of new ideas for industrial projects at a ceremony held in Riyadh on May 18.