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 a record high in July, reaching an all-time high, according to central bank data released on Friday. The outstanding foreign currency-denominated deposits held by residents surged to $128.34 billion at the end of July, representing a $15.01 billion increase from the previous month.
This marked the highest level since the Bank of Korea began tracking the data in June 2012, as well as the largest monthly increase since December, when the figure rose by $15.88 billion. The upward trend has persisted for four consecutive months, since April. Excluding interbank deposits, U.S. dollar-denominated reserves expanded by $11.12 billion to $108.92 billion, marking the biggest monthly gain and highest balance since June 2012.
Euro-denominated savings also saw a $2.22 billion increase to $8.06 billion, while Japanese yen deposits rose by $1.5 billion to $8.61 billion. Corporate foreign currency deposits also contributed to the surge.
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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