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Residents' FX deposits rise for 3rd month in April amid robust exports

(Yonhap)
(Yonhap)
Foreign currency deposits at banks in South Korea rose for the third straight month in April as exporters increased dollar holdings amid brisk overseas shipments, central bank data showed Monday.

Outstanding foreign currency-denominated deposits held by residents amounted to $94.83 billion as of end-April, up $2.13 billion from the previous month, according to the Bank of Korea (BOK).

The FX deposits rose for the third consecutive month in April after they declined for the first time in four months in January.

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

The BOK said firms put more dollars into bank deposits amid improving exports.

Last month, the country's exports jumped 41.1 percent on-year to extend their gains for the sixth straight month.

The dollar-denominated deposits gained $2.43 billion on-month to $81.7 billion, and the euro-denominated deposits fell $200 million to $4.15 billion.

Companies' holdings of FX deposits reached $74.79 billion as of end-April, up $1.46 billion from the previous month. Deposits held by individuals rose $670 million on-month to $20.04 billion, the BOK said. (Yonhap)

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