The Gold-currency reserves of South Korea rose to new record levels in March, surpassing its dollar equivalent of the previous two months. The main buffer in the country against possible financial turmoil lasting approaching $ 300 billion. In March, the dollar value of official gold-currency reserves amounted to 298.62 billion dollars. This is 950 million dollars more than the previous record of 297.67 billion set in February. South Korea’s reserves fell to just over $ 200 billion in November 2008 when the central bank is using some of them to combat the shortage of liquidity when credit dried up during the global financial crisis. Since then, however, foreign exchange reserves of South Korea are rising steadily. Foreign exchange reserves are a key instrument of economic and monetary policy to protect the currency from speculative attacks, while can be used to provide liquidity and strengthening the financial system. The central bank of South Korea indicate that the appreciation of the euro and other currencies in their reserve currency causes an increase in dollar equivalent of the reserves. The South Korean government sees its reserves a key tool for protection against financial instability. The Asian country is particularly sensitive after the Asian financial crisis of 1997-98, when received to be considered as degrading of the public international rescue.
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Government securities (GS) of developing Asian economies are protected from the Greek crisis and will perform well this year thanks to low levels of debt in these countries and because of the rapid growth of their economies. It predicts the international credit rating agency Standard & Poor’s, quoted by Bloomberg. Its economists point out that while government bonds of developed countries are less reliable because they are exposed to a deepening crisis of sovereign debt of Greece. William Hess, director of the division of Standard & Poor’s sovereign ratings for Asia, believes that the interest of investors to the region will increase, but the direct risk of transferring the debt crisis of Europe and Asia still remains limited. Asia surpassed other regions in contributing to the recovery of global economy this year, which happens for the first time in history, according to analysts at the International Monetary Fund (IMF). Countries like China, India and South Korea have caused the region to gain a record amount of foreign exchange reserves. This is the response from the Asian crisis in 1997-98, which showed that their central banks can not ensure the stability of local currencies and financial system. Now, the dynamic rates of economic growth in Asian countries, coupled with their low levels of debt, make them an attractive investment alternative. These factors will promote the strengthening of capital flows and the reduction in risk premiums in Asia, considered from Standard & Poor’s.
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KIA Motors South Korean company announced that total sales of passenger cars and trucks in 2009 amounted to 1 651 920 units. This is 20.1% more than in 2008 indicating the company. By region, China KIA significant growth of 69.9% with 256 732 registered units. In Korea, the main markets, North America and Europe, sales of vehicles under the brand KIA amounted to 412 752 units (30.4 percent growth), 304 522 units (16.2 percent growth), 346 181 units (11.3% growth ) and 242 288 units (7.7 percent growth). Bestseller of the brand for 2009. is representative of the C-segment Cerato (known in some markets and under the name Spectra or Forte) with a total of 304 295 units sold. KIA Rio ranks second with 177 299 Realized number, followed by Sportage registered with 172 296 units. Produced wholly in Europe – KIA cee’d remain in 4th place with 124 389 recorded sales, followed by pipsqueak Piquant realized with 100 355 units.
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