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S. Korean banks' foreign-currency deposits edge up in Jan.

All News 12:00 February 15, 2019

SEOUL, Feb. 15 (Yonhap) – The value of foreign currency deposits at South Korean banks increased slightly last month amid a strengthening U.S. dollar trend, central bank data showed Friday.

The outstanding amount of foreign currency savings held by local lenders reached US$74.52 billion at the end of January, up $600 million from a month earlier, according to the data by the Bank of Korea (BOK).

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

The BOK said people increased their U.S.-dollar savings as the greenback gained ground against the Korean won. The Korean won finished at 1,112.7 won against the U.S. dollar as of Jan. 31, compared with 1,115.7 won on Dec. 28.

Deposits in U.S. dollars rose $370 million to $63.67 billion in January, with Japanese yen-denominated savings falling $210 million to $4.14 billion.

Overall, U.S. dollars accounted for 85.4 percent of all foreign currency deposits at local banks last month, followed by yen-denominated deposits at 5.6 percent and euro-denoted savings at 4.6 percent.

S. Korean banks' foreign-currency deposits edge up in Jan. - 1

brk@yna.co.kr
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