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Foreign currency deposits up for 3rd month in December

January 17, 2024

Foreign currency deposits increased for the third straight month in December as export settlements increased, central bank data showed Wednesday.

Residents’ outstanding foreign currency-denominated deposits reached US$103.88 billion at end-December, up $2.12 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 rose by $1.96 billion to $85.79 billion, and Japanese yen-denominated deposits declined by $220 million to $9.7 billion last month.

Euro-denominated deposits also increased by $290 million to $5.8 billion, and Chinese yuan-denominated deposits climbed by $90 million to $1.25 billion, according to the data.

Corporate deposits had come to $88.26 billion as of December, up $2.02 billion from the previous month, with individual holdings rising by $100 million to $15.62 billion.

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