Foreign currency deposits dip for 2nd month in January
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Foreign currency deposits at banks in South Korea dropped for the second straight month in January due mainly to decreased corporate deposits, central bank data showed Monday.
Residents' outstanding foreign currency-denominated deposits reached $93.17 billion as of the end of January, down $4.1 billion from the previous month, according to the data from the Bank of Korea (BOK).
This is the second consecutive month-on-month decline. In December, the country's foreign currency deposits decreased by $1.6 billion from a month earlier.
Residents include local citizens, foreigners staying here for more than six months and foreign companies. The data excludes interbank foreign currency deposits.
January's decline came as companies withdrew their FX deposits to secure funds for investment and settle import transactions, the central bank said.
Corporate deposits came to $75.64 billion as of the end of January, down $2.86 billion from the previous month, with individual holdings dropping by $1.24 million to $17.53 billion.
Dollar-denominated deposits fell by $4.04 billion to $78.92 billion in January, and euro-denominated deposits decreased by $200 million to $5 billion, according to the data. (Yonhap)