Foreign currency deposits rise to all-time high in July
Foreign currency deposits in Korea rose by the largest amount in seven months to a record high in July, driven by a sharp increase in dollar savings, central bank data showed Friday. Outstanding foreign currency-denominated deposits held by residents stood at $128.34 billion at the end of July, up $15.01 billion from a month earlier, according to data from the Bank of Korea (BOK). It marked the…
Foreign currency deposits in South Korea surged to an all-time high in July, propelled by a significant rise in dollar savings, according to central bank data released on Friday. At the end of July, outstanding foreign currency-denominated deposits held by residents reached $128.34 billion, a $15.01 billion increase from the previous month, marking the highest level since records began in June 2012 and the largest month-over-month jump since December.
The figure had been climbing every month since April, with the exception of May. Residents include Korean citizens, foreigners who have lived in the country for over six months, and foreign companies. The data does not include interbank deposits. The U.S. dollar-denominated reserves experienced the largest on-month gain, with an increase of $11.12 billion, bringing the total to $108.92 billion, the highest balance since June 2012.
Euro-denominated savings also rose by $2.22 billion to $8.06 billion, while Japanese yen deposits grew by $1.5 billion to $8.61 billion. Corporate foreign currency deposits were not specified.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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