A debate has flared up in Seoul after a local research institute claimed Monday that Korea did not have enough foreign currency reserves to provide a buffer for the economy in case of a global crisis.

Korea holds $363.6 billion in forex reserves as of December, near its all-time high of $374 billion recorded in June. That is the world’s sixth-largest level, with China at the top having over $3 trillion in reserves.

In a report released Monday, the Korea Economic Research Institute, a Seoul-based private think tank, argued that at 26.1 percent of gross domestic product, Korea’s reserves are low compared to other countries including China, Japan and Taiwan. It claimed the country needed at least $79.4 billion more in reserves to cope with global emergencies.

The view, however, was refuted by the government. Incoming Finance Minister Yoo Il-ho also declared the current level is enough, while saying that he is open to the idea of restoring a currency swap agreement with Japan, which expired last year, to secure a secondary line of emergency liquidity.