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S. Korean banks' foreign currency deposits rise in March

All Headlines 12:00 April 16, 2018

SEOUL, April 16 (Yonhap) -- Foreign currency deposits at banks in South Korea turned around in March on increased dollar-denominated saving, central bank data showed Monday.

Foreign currency deposits held by banks here gained US$370 million to rise to $81.33 billion at the end of March, snapping a three-month losing streak, according to the data compiled by the Bank of Korea (BOK).

The March numbers are the third-largest monthly balance, following $83.03 billion in December and $81.9 billion in January.

Foreign deposits include those held by foreigners who have stayed in South Korea for more than six months, as well as foreign companies operating here.

Deposits in U.S. dollars increased $610 million to $70.08 billion in March, accounting for 86.2 percent of all foreign currency funds in banks.

The BOK said people tried to hold their dollar possessions as the Korean won gained ground against the U.S. greenback last month. The local currency averaged 1,071.9 won in March against the U.S. dollar, compared to an average 1,079.6 won in February.

On the other hand, yen deposits were tallied at $4.71 billion last month, down $420 million from the previous month, while euro-denominated deposits edged down $210 million to $3.3 billion over the same period.

By holder, companies held $65.5 billion in foreign currency deposits last month, up from $65.37 billion in February, while deposits held by individuals rose $240 million to $15.83 billion in March.

S. Korean banks' foreign currency deposits rise in March - 1


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