Residents' FX deposits rise for 2nd month in March amid brisk exports

SEOUL, April 19 (Yonhap) -- Foreign currency deposits at banks in South Korea rose for the second straight month in March as exporters increased dollar holdings amid robust overseas shipments, central bank data showed Monday.

Outstanding foreign currency-denominated deposits held by residents amounted to US$92.7 billion as of end-March, up $2.67 billion from the previous month, according to the Bank of Korea (BOK).

The FX deposits rose for the second consecutive month in March after they declined for the first time in four months in January.

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 firms put more dollars into bank deposits amid improving exports.

Last month, the country's exports increased 16.6 percent on-year in March to extend their gains for the fifth straight month.

The dollar-denominated deposits gained $2.43 billion on-month to $79.4 billion, and the euro-denominated deposits rose $170 million to $5.52 billion.

Companies' holdings of FX deposits reached $73.3 billion as of end-March, up $2.8 billion from the previous month. But deposits held by individuals declined $160 million on-month to $19.3 billion, the BOK said.

sooyeon@yna.co.kr
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