Foreign Currency Deposits Decrease by $5.7 Billion in April... Decline for Two Consecutive Months

[Image source=Yonhap News]

[Asia Economy Reporter Seo So-jung] Due to corporate overseas investment fund withdrawals and individual dollar sales, residents' foreign currency deposits decreased by approximately 5.7 billion dollars last month.

According to the "Resident Foreign Currency Deposit Trends" announced by the Bank of Korea on the 23rd, as of the end of April this year, the balance of residents' foreign currency deposits at foreign exchange banks stood at 86.99 billion dollars, down 5.72 billion dollars from the end of March. This marks a decline for two consecutive months.

By entity, corporate deposits (71.65 billion dollars) decreased by 4.69 billion dollars. Personal deposits (15.34 billion dollars) fell by 1.03 billion dollars, continuing a decline for four consecutive months.

By currency, US dollar deposits (73.18 billion dollars) and euro deposits (5.01 billion dollars) decreased by 8.41 billion dollars and 580 million dollars, respectively. Japanese yen deposits (5.66 billion dollars) and Chinese yuan deposits (1.56 billion dollars) also declined by 70 million dollars and 130 million dollars, respectively.

A Bank of Korea official explained, "In the case of dollar deposits, the decrease was due to corporate overseas investment funds, withdrawal of import payment funds, and expanded individual spot foreign exchange sales," adding, "Yuan deposits decreased due to spot foreign exchange sales by some companies."

The average daily won-dollar exchange rate rose by 13.8 won from 1,221.3 won in March to 1,235.1 won in April.

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