[THE INVESTOR] A sharp rise in US dollar deposits by exporters saw foreign currency deposits at banks in Korea up from a month prior, central bank data showed Wednesday.

Outstanding foreign currency deposits held by local residents came to US$66.23 billion as of end-July, up US$6.62 billion from the previous month, according to the data from the Bank of Korea.

Foreign deposits include deposits held by foreigners who have stayed in South Korea for more than six months, as well as foreign companies here.

The on-month gain in July was attributed to a sharp rise in US dollar deposits.

“Dollar-denominated deposits hit a record high as exporters put more of their dollar earnings in banks,” the BOK said in a press release.

Dollar deposits came to US$55.74 billion at the end of July, up US$5.74 billion from the previous month. Deposits held in Chinese yuan rose US$100 million to US$1.99 billion, while deposits held in euros increased US$540 million to US$3.27 billion.

By holder, companies held US$56.76 billion in foreign currency deposits, up US$5.47 billion from the previous month. Deposits held by individuals also gained US$1.15 billion to US$9.47 billion.

(theinvestor@heraldcorp.com)