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Foreign currency deposits hit new high in Aug.

13:55 September 17, 2020

SEOUL, Sept. 17 (Yonhap) -- Foreign currency deposits at banks in South Korea touched a new all-time high in August as companies boosted dollar holdings, central bank data showed Thursday.

Outstanding foreign currency-denominated deposits held by residents came to US$88.5 billion as of end-August, up $1.14 billion from the previous month, according to the data from the Bank of Korea (BOK).

The August amount was the largest tally since the central bank began to compile related data in June 2012.

Foreign currency deposits hit new high in Aug. - 1

Foreign currency deposits renewed record highs for the third consecutive month in August. But the August increase was smaller than $2.87 billion in July and $3.61 billion in June.

Residents include local citizens, foreigners staying here for more than six months and foreign companies. The data excludes interbank foreign currency deposits.

The BOK said last month's gain resulted from a rise in corporate deposits of funds for import settlements and borrowed money, rather than coronavirus-caused uncertainties

Dollar-denominated deposits climbed by $370 million on-month to $76.59 in August, while yuan-denominated deposits declined by $130 million to $1.49 billion.

Corporate deposits amounted to $70.99 billion as of end-August, up $1.3 billion from the previous month, but individual holdings shrank by $160 million to $17.55 billion, according to the data.
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