Foreign currency deposits rise for 3rd month in Sept.

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Foreign currency deposits rise for 3rd month in Sept.

Foreign currency deposits at Korean lenders rose for the third month in a row in September on an increase in U.S. dollar holdings by businesses, central bank data showed Friday.

Korean lenders held foreign currency deposits totaling $73.63 billion at the end of last month, up $2.32 billion from a month earlier, the Bank of Korea (BOK) said.

The monthly figure has been on a constant increase since July.

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

The BOK said businesses increased their holdings of the greenback last month to secure funds for settlement.

Accordingly, deposits in U.S. dollars rose $1.14 billion to $61.25 billion in September, while Japanese yen-denominated deposits gained $780 million to $5.34 billion.

Overall, U.S. dollars accounted for 83.2 percent of all foreign currency deposits at local banks last month, followed by yen-denominated deposits at 7.3 percent and euro-denoted savings at 4.8 percent.

By holder, companies held $59.31 billion in foreign currency deposits last month, up $1.98 billion from a month earlier, while deposits held by individuals gained $340 million to total $14.32 billion last month, according to the data.


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