S. Korea's foreign currency deposit rises in March

Wed, 12 May 2021

S. Korea's foreign currency deposit rises in March

Xinhua
19 Apr 2021, 14:05 GMT+10

SEOUL, April 19 (Xinhua) -- South Korea's foreign currency deposit rose in March as domestic exporters deposited export proceeds in bank accounts, central bank data showed Monday.

Deposit, denominated in foreign currencies, reached 92.7 billion U.S. dollars as of the end of March, up 2.67 billion dollars from a month earlier, according to the Bank of Korea (BOK).

The deposit, owned by domestic residents, continued to grow for two straight months as local exporters put export proceeds in banks amid expectations for the dollar's ascent to the local currency.

The residents refer to locals and local companies as well as foreigners and foreign firms, which have stayed or run businesses here at least six months.

The foreign currency deposit, held by companies, advanced 2.83 billion dollars from a month earlier to 73.33 billion dollars at the end of March, but the individuals-possessed deposit slipped 0.16 billion dollars to 19.37 billion dollars.

The dollar-denominated deposit gained 2.43 billion dollars to 79.35 billion dollars last month.

Deposits denominated in the Japanese yen and the European single currency stood at 5.52 billion dollars and 4.35 billion dollars respectively, and the Chinese yuan deposit came to 1.78 billion dollars.

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