The Republic of Korea (South Korea) saw a rise in foreign currency deposits for the third consecutive month in August, as companies boosted their U.S. dollar-denominated deposits following export settlements, according to a report by Yonhap citing central bank statistics.
As of the end of August, the total outstanding foreign currency deposits held by residents reached $100.41 billion, marking an increase of $5.97 billion from the prior month, based on data from the Bank of Korea (BOK). The term “residents” includes South Korean citizens, foreigners who have lived in South Korea for over six months, and foreign enterprises.
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This data does not account for interbank foreign currency deposits. In terms of currency composition, U.S. dollar-denominated deposits rose by $5.53 billion to $83.57 billion, while Japanese yen-denominated deposits saw a decline of $290 million, bringing them down to $9.81 billion. Additionally, euro-denominated deposits increased by $700 million to $4.83 billion, and deposits in Chinese yuan rose by $30 million to $1.04 billion.
Corporate deposits totaled $85.25 billion in August, up $5.92 billion from the previous month, while individual deposits increased by $50 million to reach $15.16 billion.
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