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S. Korea's foreign currency deposits rise in Sept.

12:00 October 21, 2019

SEOUL, Oct. 21 (Yonhap) -- Foreign currency deposits held by banks in South Korea continued to rise for a second straight month in September, with deposits held both by individuals and companies growing, central bank data showed Monday.

The overall amount of foreign currency savings here came to US$72.64 billion as of end-September, up $1.67 billion from a month earlier, according to the data from the Bank of Korea (BOK).

The reading marks an acceleration from August, when foreign currency deposits gained $1.13 billion, marking a turnaround from a $70 million drop in July. Foreign currency deposits include those held by foreigners who have stayed here for more than six months.

Foreign currency savings held by companies gained $1.12 billion to $57.01 billion over the cited period, while those held by individuals added $550 million to $15.63 billion.

The BOK noted both companies and individuals may have increased their foreign currency holdings on the slight advance of the local currency in the month.

At end-September, the local currency traded at 1,196.2 won to the greenback, up from 1,211.2 won per dollar a month earlier, the BOK said.

Savings in U.S. dollars gained $1.32 billion to $62.16 billion, while those in Japanese yen added $210 million to $4.34 billion.

Deposits held by local banks came to $61.05 billion, accounting for 84 percent of the total.

However, savings held by foreign banks here grew at a faster clip of $1.18 billion to $11.59 billion.

S. Korea's foreign currency deposits rise in Sept. - 1


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