Foreign currency deposits rise to fresh record high in September

Foreign currency deposits in South Korea hit a record high in September, according to central bank data. The value of outstanding foreign currency-denominated deposits held by residents reached $154.7 billion, a $14 billion increase from August. This marked the highest level since the Bank of Korea (BOK) started tracking the data in June 2012. The figure has been rising every month since April.

Resident deposits, which include Korean citizens, foreigners residing in the country for over six months, and foreign companies, are not included in the interbank deposits. The U.S. dollar-denominated reserves grew by $12.99 billion to $132.9 billion, reaching the highest balance since June 2012. Euro-denominated savings increased by $0.37 billion to $9.53 billion, while Japanese yen deposits rose by $0.55 billion to $9.49 billion.

Corporate foreign currency deposits climbed by $13.1 billion to $136.6 billion, while individual holdings increased by $0.98 billion to $18.11 billion.