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Foreign currency deposits down $770 mln in November

Foreign currency deposits held by banks in South Korea dropped in November from a month earlier due mainly to a decline in US dollar deposits by exporters and individuals, central bank data showed Tuesday.

Outstanding foreign currency deposits held by local residents came to $61.05 billion as of end-November, down $770 million from the previous month, according to the data from the Bank of Korea (BOK).

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

The BOK attributed the on-month fall to a decline in US dollar deposits.

Dollar deposits came to $52.03 billion at the end of November, down $710 million from the previous month. Deposits held in euros fell $210 million to $2.8 billion.

Meanwhile, Chinese yuan deposits came to $1.21 billion at the end of November, up $120 million from a month earlier By holder, companies held $50.48 billion in foreign currency deposits, down $390 million from the previous month. Deposits held by individuals fell $380 million to $10.57 billion. (Yonhap)

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