Foreign currency deposits by residents hit record high
The Bank of Korea announced on May 17 that foreign currency deposits by residents rose by US $ 2.13 billion to $ 94.83 billion last month.
Deposits can be defined as those held by individuals and local companies, foreigners staying at least six months in South Korea, and foreign companies doing business in South Korea.
Previously, deposits increased from US $ 94.2 billion to US $ 89.38 billion in January and rose to US $ 90.03 billion in February and US $ 92.7 billion in March. Deposits in US dollars increased by 2.43 billion US dollars and reached an all-time high of 81.78 billion US dollars last month.
US dollar business deposits increased by US $ 1.77 billion to $ 63.69 billion last month. Those of individuals increased from US $ 660 million to US $ 18.09 billion. The average monthly won-dollar exchange rate fell from 1,131.8 won to 1,112.3 won last month.
Deposits in euros and yen decreased by $ 200 million to $ 4.15 billion and $ 110 million to $ 5.41 billion, respectively.
Foreign currency deposits in South Korean banks increased by US $ 1.87 billion to reach US $ 83.13 billion. Those of local branches of foreign banks increased from US $ 260 million to US $ 11.7 billion. Foreign currency deposits by businesses and individuals increased from US $ 1.46 billion to US $ 74.79 billion and from US $ 670 million to US $ 20.04 billion, respectively.