Foreign Currency Deposits Increased by $7.87 Billion in October... $93.32 Billion Total

[Image source=Yonhap News]

[Asia Economy Reporter Kim Eun-byeol] Due to the expansion of exports and imports, corporate deposits of export and import funds have increased, and securities companies' fund management has also grown, resulting in resident foreign currency deposits at foreign exchange banks reaching $93.32 billion by the end of October.

According to the "Resident Foreign Currency Deposit Trends in October" announced by the Bank of Korea on the 18th, as of the end of last month, resident foreign currency deposits at foreign exchange banks amounted to $93.32 billion, an increase of $7.87 billion compared to the previous month.

Resident foreign currency deposits refer to domestic foreign currency deposits held by nationals, domestic companies, foreigners residing in Korea for more than six months, and foreign companies operating in Korea.

Dollar deposits increased by $6.85 billion to $80.32 billion, and euro deposits rose by $540 million to $4.4 billion compared to the previous month. A Bank of Korea official explained, "Dollar deposits increased due to temporary fund deposits related to capital transactions by some companies, increased deposits of export and import funds related to current transactions by companies, and fund management by securities companies."

By bank type, domestic banks ($82.37 billion) and foreign bank branches ($10.95 billion) increased by $7.14 billion and $730 million, respectively.

By economic agent, corporate deposits increased by $7.2 billion to $74.73 billion, and individual deposits rose by $670 million to $18.59 billion.

This content was produced with the assistance of AI translation services.