Foreign Currency Deposits of Residents in February Total $98.14 Billion... Increased by $4.97 Billion

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[Asia Economy Reporter Seo So-jung] Resident foreign currency deposits increased by $4.97 billion in February as corporate dollar and euro deposits rose.

According to the "Resident Foreign Currency Deposit Trends in February" released by the Bank of Korea on the 21st, the balance of resident foreign currency deposits at foreign exchange banks stood at $98.14 billion as of the end of last month. This is an increase of $4.97 billion compared to the end of January.

Resident 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 ($83.43 billion) and euro deposits ($5.61 billion) increased by $4.51 billion and $610 million respectively compared to the end of the previous month.

In the case of dollar deposits, corporate deposits increased due to funds planned for overseas investment, deposits from overseas bond issuance proceeds, and delays in spot foreign exchange sales of export proceeds, while individual deposits slightly decreased.

Euro deposits increased due to delays in spot foreign exchange sales by some companies.

By bank type, domestic banks ($86.94 billion) increased by $4.71 billion, and foreign bank branches ($11.2 billion) increased by $260 million.

By depositor type, corporate deposits ($80.81 billion) increased by $5.17 billion, whereas individual deposits ($17.33 billion) decreased by $200 million.

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