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S. Korea's foreign currency deposits grow in June

All News 12:00 July 15, 2016

SEOUL, July 15 (Yonhap) -- Foreign currency deposits held at banks in South Korea grew from a month earlier in June on a rise in U.S. dollar deposits from companies, central bank data showed Friday.

Outstanding foreign currency deposits held by local residents came to US$59.61 billion as of end-June, up $2.76 billion from the previous month, according to the data from the Bank of Korea (BOK).

Foreign deposits include deposits held by foreigners who have stayed in the country for more than six months, as well as foreign companies here.

The on-month gain in June was attributed to a sharp rise in U.S. dollar deposits.

"Dollar-denominated deposits rose as local companies and institutional investors increased their deposits," the BOK said in a press release.

Dollar deposits came to $50 billion at the end of June, up $3.1 billion from the previous month. The dollar value of deposits held in Chinese yuan rose $280 million to $1.89 billion, while deposits held in euro plunged $900 million to $2.73 billion.

By holder, companies held $51.29 billion in foreign currency deposits, up $2.2 billion from the previous month. Deposits held by individuals also gained $560 million to $8.32 billion.


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