Dollar Deposits Decline Amid Exchange Rate Rise... 5 Major Banks Lose $6.4 Billion in Three Months
On the 12th, at the dealing room of Hana Bank headquarters in Jung-gu, Seoul, the won-dollar exchange rate closed at 1,161.2 won, up 4.8 won that day. (Photo by Yonhap News)
View original image[Asia Economy Reporter Kwangho Lee] Recently, as the won-dollar exchange rate has risen, the dollar balances deposited in the five major commercial banks have significantly decreased.
According to the five major commercial banks?KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup?as of the 12th, the dollar deposit balance was recorded at 53.89 billion dollars.
In less than three months from the end of May to this date, 6.366 billion dollars have decreased.
The decline in dollar deposits is analyzed to be due to individuals and companies partially liquidating their holdings, judging the exchange rate rise as a peak.
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The exchange rate, which was 1,110.9 won per dollar at the end of May, rose to 1,161.2 won on the 12th of this month. On the 13th, it closed at 1,169.0 won after an additional sharp increase of 7.8 won, approaching the 1,170 won level.
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