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Banks' foreign-currency deposits dip to over 2-year low in April

Finance 12:00 May 16, 2019

SEOUL, May 16 (Yonhap) -- Foreign currency deposits held by banks in South Korea dropped sharply last month from a month earlier, reaching the lowest level in more than two years, central bank data showed Thursday.

As of end-April, foreign currency savings here came to US$63.2 billion, down $3.95 billion from the month before, according to the data from the Bank of Korea (BOK).

The reading marks the lowest since December 2016 when the amount stood at $58.9 billion.

Banks' foreign-currency deposits dip to over 2-year low in April - 1

Foreign currency deposits include those held by foreign entities who have stayed in the country for more than six months.

The sharp drop in April stems largely from companies reducing their foreign currency savings.

Deposits held by companies came to about $50 billion as of end-April, down $3.64 billion from the previous month, while those held by individuals slipped $310 million to about $13.2 billion over the cited period.

Deposits in U.S. dollars dropped significantly amid global strides by the greenback.

Dollar-denominated deposits came to around $53.5 billion, down $3.12 billion over the cited period.

The South Korean currency closed at 1,168.2 won against the U.S. dollar on April 30, down 33.1 won, or 2.9 percent, from 1,135.10 won to the dollar posted March 29, the last trading day of that month.


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