Resident Foreign Currency Deposits Increased by 4.61 Billion USD in October... Rising After Three Months

Dollar deposits increased by 4.03 billion dollars, yen deposits increased by 230 million dollars respectively

Foreign currency deposits held by residents in South Korea increased by more than 4.6 billion dollars last month.

According to data on "Foreign currency deposits of residents at foreign exchange banks as of the end of October" released by the Bank of Korea on the 16th, the deposit balance last month was 94.3 billion dollars, an increase of 4.61 billion dollars from the previous month.

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

Resident foreign currency deposits had continuously increased in May (+5.4 billion dollars), June (+3.04 billion dollars), and July (+5.17 billion dollars), then decreased for two consecutive months in August (-5.9 billion dollars) and September (-9.41 billion dollars), but turned to an increase last month after three months.

By currency, dollar deposits increased by 4.03 billion dollars, while euro and yen deposits rose slightly by 240 million dollars and 230 million dollars, respectively.

The Bank of Korea explained that the increase in dollar deposits was due to "the deposit of export proceeds and dividends from overseas subsidiaries by companies, as well as the recovery of reserve overseas remittance funds in preparation for the Chuseok holiday."

Euro deposits increased slightly due to temporary deposits for import payment settlements, and yen deposits rose due to receiving dividends from overseas subsidiaries.

By entity, corporate deposits amounted to 79.7 billion dollars, increasing by 4.48 billion dollars compared to the previous month, while individual deposits were 14.6 billion dollars, up by 130 million dollars.

Domestic banks held 84.72 billion dollars, and foreign bank branches held 9.58 billion dollars, increasing by 3.91 billion dollars and 700 million dollars respectively during the same period.

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