January Resident Foreign Currency Deposits at 93.17 Billion USD... Decrease of 4.1 Billion USD

[Image source=Yonhap News]

Due to corporate overseas investment fund withdrawals, residents' foreign currency deposits decreased by 4.1 billion dollars last month.

According to the "Residents' Foreign Currency Deposit Trends" announced by the Bank of Korea on the 21st, as of the end of last month, the balance of residents' foreign currency deposits at foreign exchange banks was 93.17 billion dollars, a decrease of 4.1 billion dollars compared to the end of December last year.

Residents' 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 currency, dollar deposits (78.92 billion dollars) and euro deposits (5 billion dollars) decreased by 4.04 billion dollars and 200 million dollars respectively compared to the previous month.

The Bank of Korea analyzed that the decrease in dollar deposits was due to increased corporate overseas investment funds and import payment withdrawals, as well as expanded personal spot foreign exchange sales amid the rise in the won-dollar exchange rate.

According to the Bank of Korea, the average daily won-dollar exchange rate rose by 11.5 won from 1,183.8 won in December last year to 1,195.3 won last month.

By bank type, domestic banks (82.23 billion dollars) decreased by 5.74 billion dollars, while foreign bank branches (10.94 billion dollars) increased by 1.64 billion dollars.

Corporate deposits (75.64 billion dollars) and individual deposits (17.53 billion dollars) decreased by 2.86 billion dollars and 1.24 billion dollars respectively.

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