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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea pension to sell $1.1 bln US bonds to BOK Reuters - Friday, November 28 SEOUL, Nov 28 - South Korea's National Pension Service agreed to sell $1.1 billion worth of U.S. Treasuries to the Bank of Korea , the health ministry said on Friday. "At the request by the BOK, the state pension fund agreed to sell additional Treasuries by terminating a currency swap contract before its expiry," a health ministry official told Reuters, adding the proceeds from the sale will be used to buy domestic bonds. "We have no plan for additional sales of U.S. Treasuries this year," the official added. Earlier Yonhap News, citing the ministry, said the decision was made at the request of the Bank of Korea to increase its foreign currency reserves. Fears that the nation's foreign exchange reserves may have already fallen below $200 billion this month have been fanning concerns over another currency crisis similar to the one that rocked South Korea a decade ago. The latest official data showed that South Korea's foreign reserve fell by a record $27.4 billion to $212.25 billion at the end of October from September, the lowest level in almost three years as the country injected billions of dollars into the banking system amid the financial crisis [ID:nSEO252000]. The foreign reserve declined by a combined $52 billion since the end of March till October as the central bank struggled with a falling won. South Korea's export-driven economy has been hit especially hard by the credit crunch and global financial turmoil as investors rush to liquidate riskier assets. In October, the pension fund run by the health ministry sold $5 billion U.S. Treasuries to the country's central bank and $2.1 billion in bonds to the finance ministry. The central bank said on Oct. 15 that it planned to buy $10 billion worth of U.S. treasury bonds by the end of this year from the state-run pension service in a move to strengthen foreign exchange reserves [ID:nSEO240387]. A Bank of Korea official declined to comment on Friday's deal. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business SKorea industrial production slows in OctoberAFP - 27 minutes ago Indian bond yields at 3-yr low on rate cut hopesReuters - 41 minutes ago Bulgari expects tough Christmas, 2009 for sales-CEOReuters - 42 minutes ago MF Global to trade distillate swaps in Asia-sourcesReuters - 44 minutes ago Nikkei gains as China hopes, Kyocera offset PanasonicReuters - 45 minutes ago Most Popular – Business Viewed US clears Bank of America deal for Merrill Lynch US president's mother 'doing very well' in hospital: Laura Bush Love handles increase death risk: study Obama vows 'help is on the way' for the economy Michael Jackson strikes 'amicable' deal with Arab sheikh View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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