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Foreign currency deposits fall in July

14:06 August 19, 2019

SEOUL, Aug. 19 (Yonhap) -- Foreign currency deposits held by banks fell in July, snapping three straight months of gains, amid a strengthening of the U.S. dollar, central bank data showed Monday.

The outstanding amount of foreign currency savings held by local lenders came to US$69.6 billion at the end of July, down $710 million from a month earlier, according to the data by the Bank of Korea (BOK).

Foreign currency deposits include those held by foreigners who have stayed in South Korea for more than six months, as well as by foreign companies operating here.

The BOK said companies sold the U.S. dollar as the greenback gained ground against the Korean won. The Korean won finished at 1,183.1 won against the U.S. dollar as of July 31, down from 1,154.7 won on June 30.

Deposits in U.S. dollars fell $300 million to $59.6 billion in July. Japanese yen-denominated savings declined to $3.9 billion and those of the euro fell to $3.3 billion.

Foreign currency deposits fall in July - 1


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