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Foreign currency deposits up in May amid increased corporate savings

Finance 12:00 June 22, 2022

SEOUL, June 22 (Yonhap) -- Foreign currency deposits at banks in South Korea grew in May due to increased corporate savings, central bank data showed Wednesday.

Residents' outstanding foreign currency-denominated deposits reached US$89.17 billion as of end-May, up $2.18 billion from the previous month, according to the data from the Bank of Korea (BOK).

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

The rise came as companies increased their deposits for payments related to overseas trading. Corporate foreign currency savings amounted to $73.91 billion in May, up $2.26 billion from a month earlier.

Individuals' foreign currency savings, however, edged down $80 million over the cited period to $15.26 billion, the data showed.

Dollar-denominated deposits came to $75.35 billion as of end-May, up $2.17 billion from a month earlier. Euro-denominated deposits also declined $120 million to $5.13 billion, according to the data.

kokobj@yna.co.kr
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