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Foreign currency deposits up for 3rd straight month in July

August 25, 2023

Foreign currency deposits increased for the third consecutive month in July as Japanese yen deposits continued to increase, central bank data showed Friday.

Residents’ outstanding foreign currency-denominated deposits reached US$105 billion at end-July, up $5.17 billion from the previous month, according to the data from the Bank of Korea (BOK).

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, Japanese yen-denominated deposits rose by $830 million to $8.31 billion last month. In June, yen-denominated deposits spiked by a record monthly high of $1.23 billion.

Dollar-denominated deposits increased by $4.42 billion to $87.86 billion, and Chinese yuan-denominated deposits fell by $200 million to $1.38 billion.

According to the BOK data, corporate deposits came to $85.18 billion as of June, up $2.51 billion from the previous month, with individual holdings rising by $530 million to $14.65 billion.