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The Associated Press March 2, 2011, 7:32PM ET

SKorea's reserves hit second straight record high

South Korea's foreign currency reserves have hit a new record high for the second straight month.

The Bank of Korea announced Thursday that the country's official foreign reserves totaled $298 billion at the end of February. That was up $1.7 billion from the previous high of $296 billion in January.

South Korea's reserves hit a series of records last year. Asian countries lead the world in reserve holdings.

The central bank attributed February's gain to higher operating profits on the reserves and gains in the euro and pound against the greenback. That led to an increase in the dollar value of the portion of the reserves denominated in the European and British currencies.

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