September 19 'Resident Foreign Currency Deposit Trends in September' Announcement
Corporate Deposits Up $2.1 Billion · Individual Deposits Down $500 Million
[Asia Economy Reporter Jang Sehee] In September, the foreign currency deposits of residents in South Korea reached 94.2 billion dollars.
According to the "September Resident Foreign Currency Deposit Trends" announced by the Bank of Korea on the 19th, as of the end of last month, the balance of resident foreign currency deposits at foreign exchange banks was 94.2 billion dollars, an increase of 1.6 billion dollars compared to the previous month.
Resident foreign currency deposits refer to foreign currency deposits held domestically by nationals, domestic companies, foreigners residing in Korea for more than six months, and foreign companies operating in Korea.
The foreign currency deposits at the end of September were the third largest ever, following April (94.83 billion dollars) and May (94.73 billion dollars). Resident foreign currency deposits have been on the rise since February (balance of 68.51 billion dollars).
By entity, corporate deposits in September (75.76 billion dollars) increased by 2.1 billion dollars, while individual deposits decreased by 0.5 billion dollars to 18.44 billion dollars.
By currency type, US dollar deposits (82.15 billion dollars) and Chinese yuan deposits (1.62 billion dollars) increased by 1.77 billion dollars and 10 million dollars respectively compared to the previous month.
A Bank of Korea official explained, "In the case of dollar deposits, corporate deposits increased due to export proceeds from some companies and the maturity of money trusts, while individual deposits decreased due to the impact of exchange rate rises." The average won-dollar exchange rate during September was 1,170.4 won, 9.3 won higher than August (1,161.1 won).
Additionally, the Bank of Korea analyzed that yuan deposits increased due to deposits of funds from some companies' overseas investment recoveries.
Yen deposits recorded 4.79 billion dollars, a decrease of 150 million dollars compared to the previous month.
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