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Banks’ foreign currency deposits hit record high

Banks’ foreign currency deposits hit record high

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Published : 2013-12-06 20:12
Updated : 2013-12-06 20:12

Foreign currency deposits at South Korean banks rose to another record high in November following those of the previous month, due to a hike in yuan-denominated deposits, the central bank said Friday.

Outstanding foreign currency-denominated deposits held by residents reached $48.61 billion as of the end of November, up $2.49 billion from a month earlier, according to the Bank of Korea.

The groups classified as residents include local citizens, foreigners staying here for more than six months and foreign companies. The data excludes inter-bank foreign currency deposits.

The amount of deposits in the Chinese currency rose sharply by $2.53 billion, hitting $4.17 billion over the cited period, as institutional investors increased the amount of their deposits in yuan.

Companies’ holdings of FX deposits rose $2.27 billion on-month to $43.27 billion, while such deposits held by individuals gained $220 million, reaching $5.34 billion, it added.

In June last year, the government unveiled plans to encourage local banks to secure more foreign currency deposits in a bid to protect against external shocks. (Yonhap News)

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