SEOUL– Foreign currency deposits at banks in South Korea hit the largest amount in about 10 years in November as businesses pushed to secure dollar liquidity and money for trading, central bank data showed Wednesday.
Residents’ outstanding foreign currency-denominated deposits reached US$107.39 billion as of end-November, up $9.74 billion from the previous month, according to the data from the Bank of Korea (BOK).
The amount represented the largest since June 2012 and the on-month growth marked the fastest ever.
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 stemmed from businesses’ push to secure foreign currency for trading and additional liquidity amid mounting economic uncertainty.
Dollar savings hit an all-time high of $93.52 billion as of end-November, up $8.72 billion from a month earlier. They accounted for 87.1 percent of all foreign currency deposits.
Japanese yen-denominated savings rose $370 million over the same period to $6.08 billion. Euro savings were also up $400 million to $4.51 billion, the data showed.
Corporate foreign currency savings amounted to $92.82 billion in November, up $9.44 billion from a month earlier. Individuals’ foreign currency savings were also up $300 million to $14.57 billion, the data showed.
Source: Yonhap News Agency