South Korea’s foreign reserves rose for the second consecutive month in July on the back of foreign exchange stabilization bonds issued by the government in the greatest amount since 2014. 

According to the Bank of Korea on Tuesday, the nation’s foreign currency reserves stood at 411-point-33 billion dollars at the end of July, up one-point-13 billion dollars from a month earlier.

The increase reflects the issuance in June of euro-denominated foreign exchange stabilization bonds worth one-point-four billion euros, or about one-point-six billion U.S. dollars.  

It was the first such issuance under the Lee Jae Myung administration.

As of the end of June, South Korea ranked tenth in the world in terms of foreign exchange reserves.