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Banks' foreign currency deposits hit record high in March

Foreign currency deposits held by banks operating in South Korea hit a record high in March as exporters deposited their dollar-denominated earnings, central bank data showed Wednesday.

Outstanding foreign currency deposits held by local banks, domestic and foreign, reached $70.54 billion in March, up 3.8 percent from $67.94 billion a month earlier, the Bank of Korea said in a statement.

(Yonhap)
(Yonhap)

Broken down, foreign currency deposits held by domestic lenders came to $60.33 billion in March, up from $56.45 billion a month earlier. The deposits by foreign banks stood at $10.21 billion, down from $11.49 billion during the same period.

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

The central bank attributed the on-month gains mainly to an increase in US dollar deposits by exporters and individuals.

By currency, dollar deposits rose to $60.14 billion in March from $57.98 billion a month earlier. Euro deposits came to $3.1 billion in March from $3 billion a month earlier. Yen deposits climbed to $4.26 billion from $4.15 billion, the data said.

By holder, companies held $58.25 billion in foreign currency deposits, up from $56.62 billion a month earlier. Deposits held by individuals rose to $12.29 billion from $11.32 billion, it said. (Yonhap)

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