Banks’ FX deposits hit record high in Feb.
Published : 2014-03-07 20:21
Updated : 2014-03-07 20:50
Foreign currency deposits in banks here rose to a record high in February on increased export earnings, the central bank said Friday.
Outstanding foreign currency-denominated deposits held by residents reached $52.68 billion as of end-February, up $3.42 billion from the previous month, according to the Bank of Korea.
Residents include local citizens and foreigners staying here for more than six months as well as foreign companies. The data excludes inter-bank foreign currency deposits.
The dollar-denominated deposits rose by $2.99 billion on-month to $39.68 billion and the yuan-denominated deposits gained $600 million to $7.62 billion.
Companies’ holdings of FX deposits advanced $3.36 billion to $47.45 billion while such deposits held by individuals rose $600 million to $5.23 billion, it added.
The increase is being attributed in part to government plans announced last June encouraging local banks to secure more foreign currency deposits to stave off external shocks.