Foreign Currency Deposits at $93 Billion at End of June... $1.7 Billion Decrease from Previous Month

Bank of Korea 'Resident Foreign Currency Deposit Trends in June 2021'

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Eunbyeol Kim] Last month, resident foreign currency deposits decreased by about 1.7 billion dollars, mainly among corporations.

According to the 'Resident Foreign Currency Deposit Trends for June 2021' released by the Bank of Korea on the 16th, as of the end of last month, resident foreign currency deposits at foreign exchange banks stood at 93.04 billion dollars, down 1.69 billion dollars from the end of the previous month. This marks a decline for two consecutive months.

Resident foreign currency deposits refer to domestic foreign currency deposits held by nationals, domestic corporations, foreigners residing in Korea for more than six months, and foreign companies operating in Korea.

By entity, corporate deposits (73.21 billion dollars) decreased by 1.45 billion dollars, and individual deposits (19.83 billion dollars) decreased by 240 million dollars.

By currency type, US dollar deposits (80.46 billion dollars), euro deposits (4.1 billion dollars), and yen deposits (5.42 billion dollars) decreased by 1.49 billion dollars, 130 million dollars, and 40 million dollars respectively.

A Bank of Korea official explained, "In the case of dollar deposits, the decrease was due to factors such as export companies selling spot foreign exchange amid the rise of the won-dollar exchange rate."