Residents' FX deposits hit fresh high in November

SEOUL, Dec. 17 (Yonhap) -- Foreign currency deposits at banks in South Korea touched a record high in November on increased corporate deposits, central bank data showed Friday.

Residents' outstanding foreign currency-denominated deposits came to a fresh record of US$103.02 billion as of end-November, up $2.25 billion from the previous month, according to the Bank of Korea (BOK).

It represents the fourth consecutive month of on-month increase. In October, the country's foreign currency deposits passed the $100 billion level for the first time.

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

The central bank said November's increase came as local companies' dollar deposits rose, while individuals cut back on their deposits on a weaker local currency.

Corporate deposits stood at $84.52 billion as of end-November, up $2.56 billion from the previous month, with individual holdings dropping by $310 million to $18.50 billion.

The South Korean currency changed hands at an average of 1,187.90 won to the dollar as of end-November, compared with 1,168.60 won a month earlier.

Dollar-denominated deposits rose by $1.28 billion to $88 billion in November, and euro-denominated deposits expanded by $630 million to $5.07 billion, according to the data.

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