SEOUL– Foreign currency deposits at banks in South Korea rose in September due to increased corporate savings, central bank data showed Thursday.
Residents’ outstanding foreign currency-denominated deposits reached US$89.5 billion as of end-September, up $1.23 billion from the previous month, according to the data from the Bank of Korea (BOK).
Residents include local citizens, companies, foreigners staying here for more than six months and foreign firms. The data excludes interbank foreign currency deposits.
The rise came as companies increased their deposits for payments related to overseas trade.
Corporate foreign currency savings amounted to $75.6 billion in September, up $1.15 billion from a month earlier.
Individuals’ foreign currency savings grew $80 million over the cited period to $13.9 billion, the data showed.
Dollar-denominated deposits came to $77.3 billion as of end-September, up $2.36 billion from a month earlier. Euro-denominated deposits, however, decreased by $600 million to $4.14 billion, according to the data.
Source: Yonhap News Agency