Foreign Currency Deposits of Domestic Residents Increase After 5 Months... $96.79 Billion

[Image source=Yonhap News]

Foreign currency deposits held by residents in Korea increased for the first time in five months.

According to the "Resident Foreign Currency Deposit Trends" released by the Bank of Korea on the 23rd, foreign currency deposits of residents at foreign exchange banks stood at 96.79 billion dollars, up 5.4 billion dollars from the end of the previous month.

Resident foreign currency deposits refer to foreign currency deposits held domestically by Korean nationals, domestic companies, foreigners residing in Korea for more than six months, and foreign companies operating in Korea.

Resident foreign currency deposits had decreased for four consecutive months this year after reaching a record high of 110.98 billion dollars in December last year.

By currency, deposits in US dollars, euros, and Japanese yen increased by 3.09 billion dollars, 1.29 billion dollars, and 930 million dollars respectively compared to the end of the previous month.

The Bank of Korea explained that deposits in US dollars and euros increased due to temporary deposits of dividends from overseas subsidiaries of companies and funds for overseas direct investment, and yen deposits increased due to temporary deposits of funds for overseas direct investment by companies and surplus funds deposited by individuals.

By depositor type, corporate deposits surged by 5.13 billion dollars to 82.67 billion dollars. Individual deposits increased by 270 million dollars to 14.12 billion dollars.

By bank type, domestic banks saw their deposit balances rise by 4.97 billion dollars to 86.99 billion dollars, while foreign bank branches increased by 430 million dollars to 9.8 billion dollars.

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