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Foreign currency deposits snap 2-month rise in January

February 23, 2024

Foreign currency deposits declined in January as companies curtailed part of their dollar holdings, central bank data showed Friday.

Residents’ outstanding foreign currency-denominated deposits reached US$98.1 billion at end-January, down $5.78 billion from the previous month, according to the data from the Bank of Korea.

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

By currency, dollar-denominated deposits fell by $5.39 billion to $80.4 billion, and Japanese yen-denominated deposits dropped by $300 million to $9.4 billion last month.

Euro-denominated deposits rose by $90 million to $5.89 billion, and Chinese yuan-denominated deposits fell by $110 million to $1.14 billion, according to the data.

Corporate deposits came to $82.87 billion as of January, down $5.39 billion from the previous month, with individual holdings falling by $390 million to $15.23 billion.