Resident Foreign Currency Deposits Hit Record High for Two Consecutive Months... $93.6 Billion at End of November

[Image source=Yonhap News]

[Asia Economy Reporter Kim Eunbyeol] Resident foreign currency deposits hit record highs for the second consecutive month last month.

According to the "Resident Foreign Currency Deposit Trends in November" released by the Bank of Korea on the 18th, the balance of resident foreign currency deposits at foreign exchange banks stood at $93.61 billion at the end of last month, increasing by $290 million from the previous month. At the end of October, foreign currency deposits also recorded an all-time high of $93.32 billion, marking a record for two consecutive months.

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.

By entity, corporate deposits ($74.59 billion) decreased by $140 million over the month, while individual deposits ($19.02 billion) increased by $430 million.

By currency type, dollar deposits ($79.86 billion) decreased by $460 million compared to the end of October, while yuan ($1.68 billion), euro ($4.5 billion), and yen ($5.33 billion) deposits increased by $420 million, $100 million, and $40 million respectively.

The Bank of Korea explained, "Dollar deposits decreased due to capital transactions such as repayment of overseas bonds by some companies, capital increases in overseas subsidiaries, overseas investments, and payments for settlement funds. On the other hand, yuan and euro deposits increased as some companies increased their export payment deposits."

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