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Foreign currency deposits slightly fall in January

All News 12:00 February 19, 2020

SEOUL, Feb. 19 (Yonhap) -- Foreign currency deposits held by banks in South Korea dropped slightly from a month earlier in January, largely on local businesses taking advantage of favorable exchange rates, central bank data showed Wednesday.

The outstanding foreign currency deposits held by banks here came to US$74.98 billion as of the end of last month, down $4.4 billion from a month before, according to the data from the Bank of Korea (BOK).

It marked the sharpest monthly decline since March last year, when the deposits fell by $6.5 billion, the data showed.

The drop came mostly from savings held by businesses, which dipped $4.3 billion in January from a month earlier.

Savings held in U.S. dollars dipped $3.3 billion to $64.85 billion as of end-January, and those held in the Chinese yuan fell by $250 million to $1.17 billion.

Foreign deposits in the Japanese yen also fell by $110 million to $4.3 billion in January.

Foreign currency deposits slightly fall in January - 1


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