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Residents' foreign currency deposits hit new high in Nov.

Finance 12:00 December 18, 2020

SEOUL, Dec. 18 (Yonhap) -- Foreign currency deposits at banks in South Korea reached a new high in November on increased corporate holdings of yuan and euro deposits, central bank data showed Friday.

Outstanding foreign currency-denominated deposits held by residents amounted to US$93.61 billion as of end-November, up $290 million from the previous month, according to the data from the Bank of Korea (BOK).

Residents' foreign currency deposits renewed their record for the second consecutive month after plunging by $3.1 billion in September.

Residents include local citizens, foreigners staying here for more than six months and foreign companies. The data excludes interbank foreign currency deposits.

The BOK said companies increased yuan and euro holdings amid improving overseas shipments, while dollar deposits declined as firms repaid debt and hiked stakes in overseas subsidiaries.

The dollar-denominated deposits declined by $460 million on-month to $79.86 billion last month, while yuan-denominated deposits rose by $420 million to $1.68 billion. Euro deposits gained by $100 million to $4.5 billion.

Corporate deposits declined by $140 million to $74.59 billion, while deposits held by individuals increased by $430 million on-month to $19.02 billion, according to the data.

Residents' foreign currency deposits hit new high in Nov. - 1


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