Last month, resident foreign currency deposits in South Korea continued to rise for the fourth consecutive month.
According to data released by the Bank of Korea on August 28, the balance of resident foreign currency deposits at foreign exchange banks reached $128.34 billion at the end of July, an increase of $15.01 billion from the previous month.
Resident foreign currency deposits refer to deposits held by domestic individuals, domestic companies, foreigners residing in South Korea for more than six months, and foreign companies operating in the country.
The increase in foreign currency deposits was primarily driven by dollar deposits and corporate deposits.
By currency, dollar deposits rose by $11.12 billion, while euro and yen deposits increased by $2.22 billion and $1.5 billion, respectively.
The rise in dollar deposits was attributed to large corporations receiving payments, inflows of funds for foreign bond issuance by securities firms, and pre-purchases of dollars due to a decline in the exchange rate.
Euro deposits increased due to some companies receiving payments, while yen deposits grew from deposits made for dividend payments by certain companies and inflows for foreign bond issuance by securities firms.
By category, corporate deposits totaled $112.56 billion, up $13.57 billion, while individual deposits reached $15.7 billion, an increase of $1.44 billion.
Among these, corporate dollar deposits amounted to $96.99 billion, reflecting an increase of $10.11 billion from the previous month.
* This article has been translated by AI.
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