Foreign Currency Deposits by Residents in May Total $94.7 Billion... $100 Million Decrease from Previous Month

The Bank of Korea Announces 'Trends in Resident Foreign Currency Deposits in May 2021'

[Asia Economy Reporter Jang Sehee] Resident foreign currency deposits turned to a decline in May. While dollar deposits increased, yuan deposits decreased.

According to the "Resident Foreign Currency Deposit Trends in May 2021" announced by the Bank of Korea on the 16th, resident foreign currency deposits at foreign exchange banks last month amounted to $94.73 billion, down $100 million from the end of the previous month ($94.83 billion). Resident foreign currency deposits refer to domestic foreign currency deposits of domestic companies, foreigners residing in Korea for more than six months, and foreign companies operating in Korea.

By currency, dollar deposits ($81.95 billion) increased by $170 million compared to the previous month, and yen deposits ($5.46 billion) also increased by $50 million.

The increase in dollar deposits was due to deposits from companies issuing overseas bonds. On the other hand, yuan deposits decreased due to factors such as some companies selling spot foreign exchange.

By bank, domestic banks decreased by $30 million to $83.1 billion, and foreign bank branches also decreased by $70 million to $11.63 billion.

By entity, corporate deposits decreased by $130 million to $74.66 billion, whereas individual deposits increased by $30 million to $20.07 billion.

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