[Asia Economy Reporter Seo So-jeong] Last month, residents' foreign currency deposits reached a record high of $110.98 billion, increasing by about $3.5 billion compared to the previous month. This marks the highest level for two consecutive months following last month.
According to the Bank of Korea's report on residents' foreign currency deposits for December released on the 25th, the balance of residents' foreign currency deposits at foreign exchange banks stood at $110.98 billion at the end of last month, up $3.59 billion from the end of the previous month.
Residents' 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.
By category, corporate deposits amounted to $96.1 billion, increasing by $3.28 billion in one month.
Individual deposits also rose by $310 million to $14.88 billion.
By currency, U.S. dollar deposits reached a record high of $95.38 billion, increasing by $1.86 billion in one month. Yen deposits rose by $530 million to $6.61 billion, and euro deposits increased by $990 million to $5.5 billion.
The Bank of Korea explained, "In the case of dollar deposits, the increase was mainly driven by corporations, including deposits for current account transactions and temporary deposits of overseas direct investment funds." It added, "Euro deposits increased due to deposits of export settlement funds by some companies."
By bank type, domestic banks held $100 billion in deposits, up $2.03 billion, while foreign bank branches held $10.98 billion, increasing by $1.56 billion.
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