Average Daily Foreign Exchange Transactions of $58.31 Billion Last Year... Highest Since 2008
The Bank of Korea announced on the 26th that the average daily foreign exchange transaction volume of foreign exchange banks last year was $58.31 billion, marking a 10.3% increase compared to the previous year ($52.84 billion). This is the highest average daily volume recorded since the statistics revision in 2008.
The increase in foreign exchange transaction volume is interpreted to be influenced by the expansion of export-import scale and the rise in securities investment by residents and foreigners, leading to growth in both spot foreign exchange and foreign exchange derivatives transactions.
By product, the spot foreign exchange transaction volume increased by 11.8% year-on-year to $22.71 billion, while foreign exchange derivatives transaction volume rose by 9.4% to $35.59 billion.
By bank, domestic banks' transaction volume increased by 4.9% year-on-year to $25.97 billion, whereas foreign bank branches' transaction volume surged by 15.2% to $32.33 billion.
Last year, the average daily spot foreign exchange transaction volume was $22.71 billion, up 11.8% from the previous year, and by currency, won-dollar transactions ($17.06 billion) increased by 15.9%, while won-yuan transactions ($2.0 billion) decreased by 12.5%.
By bank, domestic banks' spot foreign exchange transactions ($12.12 billion) increased by 6.7%, and foreign bank branches' transactions ($10.59 billion) rose by 18.2%. By counterparty, interbank transactions among foreign exchange banks ($10.05 billion) and transactions with domestic customers ($7.02 billion) increased by 8.7% and 14.0%, respectively.
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The foreign exchange derivatives transaction volume last year was $35.59 billion, up 9.4% year-on-year. Forward exchange transactions ($11.23 billion) increased by 13.2%, centered on NDF transactions, and foreign exchange swap transactions ($22.93 billion) increased by 7.5% year-on-year, mainly due to transactions with non-residents.
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