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Residents' foreign currency deposits touch new high in December last year

Foreign currency deposits (Yonhap)
Foreign currency deposits (Yonhap)
Foreign currency deposits at banks in South Korea hit a new high in December last year on increased retail holdings of the US dollar deposits, central bank data showed Monday.

Outstanding foreign currency-denominated deposits held by residents amounted to $94.2 billion as of end-December, up $590 million from the previous month, according to the data from the Bank of Korea (BOK).

Residents' foreign currency deposits renewed their record for the third consecutive month after plunging by $3.1 billion in September.

Residents include local citizens, foreigners staying here for more than six months and foreign companies. The data excludes interbank foreign currency deposits.

The dollar-denominated deposits rose by $180 million on-month to $80.04 billion last month, while yuan-denominated deposits fell by $120 million to $1.98 billion. Euro deposits gained by $210 million to $4.71 billion.

Corporate deposits declined by $200 million to $74.39 billion, while deposits held by individuals increased by $790 million on-month to $19.81 billion, according to the data. (Yonhap)