Foreign Currency Deposits by Residents Up $650 Million in February... Back to $90 Billion Range

Bank of Korea 'Resident Foreign Currency Deposit Trends in February 2021'

[Asia Economy Reporter Kim Eun-byeol] Resident foreign currency deposits increased by 650 million dollars compared to the previous month in February, surpassing 90 billion dollars again.

According to the "Resident Foreign Currency Deposit Trends in February 2021" announced by the Bank of Korea on the 16th, as of the end of last month, resident foreign currency deposits at foreign exchange banks amounted to 90.03 billion dollars, an increase of 650 million dollars from the end of the previous month. Resident foreign currency deposits refer to domestic foreign currency deposits by domestic companies, foreigners residing in Korea for more than six months, and foreign companies operating in Korea.

By currency, dollar deposits increased by 760 million dollars from the previous month to 76.92 billion dollars, accounting for 85.4%. Yen deposits increased by 100 million dollars to 5.35 billion dollars, accounting for 5.9%. On the other hand, yuan deposits decreased by 120 million dollars to 1.68 billion dollars, accounting for 1.9%.

A Bank of Korea official explained, "Dollar deposits increased mainly among corporations such as securities companies (920 million dollars), while individual deposits decreased by 160 million dollars due to factors such as exchange rate rises." The Bank of Korea explained that yen deposits increased due to export proceeds and deposits from the sale of overseas subsidiaries by companies, and yuan deposits decreased due to payments for import settlements by some companies.

By bank, domestic banks (79.69 billion dollars) increased by 1.08 billion dollars, while foreign bank branches (10.34 billion dollars) decreased by 430 million dollars.

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