SEOUL, June 25 (Reuters) - South Korea said on Tuesday that the country's national pension service, the world's fourth-largest by assets, plans to create a foreign-currency account to better manage its growing overseas investment.
The National Pension Service will likely start using a foreign-currency account in 2014 after selecting a bank that will hold the funds and establishing related internal system to utilise such an account, the welfare ministry said in a statement.
The fund held 64.1 trillion won ($55.19 billion) out of its total assets of 392 trillion won in foreign assets, including bonds, stocks and real estate, as at the end of last year. It has been increasing overseas investments to diversify its portfolio and boost gains.
($1 = 1161.3500 Korean won)
(Reporting by Se Young Lee; Editing by Choonsik Yoo and Shri Navaratnam) Keywords: KOREA PENSION/FOREX
(email@example.com)(+822 3704 5646)(Reuters Messaging: firstname.lastname@example.org)
Copyright Thomson Reuters 2013. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.