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Residents' FX deposits hit record high in Oct.

12:01 November 18, 2020

SEOUL, Nov. 18 (Yonhap) -- Foreign currency deposits at banks in South Korea rose to a record high in October as exporters raised dollar holdings amid the country's improving exports, central bank data showed Wednesday.

Outstanding foreign currency-denominated deposits held by residents amounted to US$93.32 billion as of end-October, up $7.87 billion from the previous month, according to the Bank of Korea (BOK).

The tally rebounded from September, when the FX deposits declined for the first time since February.

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 companies increased dollar holdings amid improving overseas shipments and that securities firms managed more short-term offshore investment funds.

In October, the country's exports fell 3.8 percent on-year, but per-day exports gained 5.4 percent from a year earlier as this year's working days in October were fewer than a year earlier due to the Chuseok fall harvest holiday.

The dollar-denominated deposits gained $6.85 billion on-month to $80.32 billion, and the euro-denominated deposits rose $540 million to $4.4 billion.

Companies' holdings of FX deposits amounted to $74.73 billion as of end-October, up $7.2 billion from the previous month. Deposits held by individuals rose $670 million on-month to $18.6 billion, the BOK said.

Residents' FX deposits hit record high in Oct. - 1

sooyeon@yna.co.kr
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