Foreign currency deposits rise to fresh record high in September
A clerk sorts $100 banknotes at the headquarters of Hana Bank in Seoul, March 23. Korea Times photo by Ha Sang-yoon
Foreign currency deposits in Korea rose to a fresh record high in September, driven by a sharp increase in dollar savings, central bank data showed Wednesday.
Outstanding foreign currency-denominated deposits held by residents stood at $154.7 billion at the end of September, up $14 billion from a month earlier, according to findings by the Bank of Korea (BOK).
It marked the highest level since the BOK began compiling the data in June 2012.
The reading has increased every month since April.
Residents include Korean citizens, foreigners who have lived in the country for more than six months and foreign companies. The data excludes interbank deposits.
By currency, U.S. dollar-denominated reserves increased by $12.99 billion to $132.9 billion, marking the highest balance since June 2012.
Euro-denominated savings also gained $0.37 billion to $9.53 billion, and Japanese yen deposits increased $0.55 billion to $9.49 billion.
Corporate foreign currency deposits rose $13.1 billion to $136.6 billion, while individual holdings increased $0.98 billion to $18.11 billion.
The BOK said the sharp rise in foreign currency deposits was driven by increased dollar receipts by exporting companies and funds held by local brokerages for investments in foreign bonds.