Foreign currency deposits slip in March

Foreign currency-denominated deposits at banks in South Korea fell slightly in March from the previous month due mainly to a decline in U.S. dollar deposits, data showed Monday.

Foreign currency deposits held by residents reached US$62.7 billion last month, down $1 billion from February, according to the Bank of Korea.

Only deposits that were made by local citizens, foreign companies and foreigners who have stayed here for more than six months were tallied. The data excludes inter-bank foreign currency deposits.

Deposits in the greenback, which accounted for 60.9 percent of all foreign deposits, declined by $800 million over the month to $38.2 billion.

Chinese yuan deposits stayed unchanged at $18.6 billion, failing to go up for a fifth straight month. Deposits in the Chinese currency have been declining in the past few months as returns weakened on a rising swap rate.

Deposits in the Euro and the Japanese yen declined by $140 million and $130 million, respectively, to $2.2 billion and $2.4 billion, according to the data. (Yonhap)