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Foreign currency deposits up for 4th month in September

October 21, 2024

Foreign currency deposits increased for the fourth straight month in September as companies increased U.S. dollar-denominated deposits, central bank data showed Monday.

Residents’ outstanding foreign currency-denominated deposits reached US$104.07 billion at end-September, up $3.66 billion from the previous month, according to the data from the Bank of Korea.

Residents include local citizens, foreigners who have stayed 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 $2.27 billion to $85.84 billion, and Japanese yen-denominated deposits climbed by $530 million to $10.34 billion last month.

Euro-denominated deposits also climbed by $150 million to $4.98 billion, and Chinese yuan-denominated deposits increased by $620 million to $1.66 billion, according to the data.

Corporate deposits came to $85.25 billion as of September, up $3.5 billion from the previous month, with individual holdings rising by $160 million to $15.32 billion.