FX deposits jump in Sept. as exporters increase dollar holdings

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FX deposits jump in Sept. as exporters increase dollar holdings

Foreign currency deposits at banks in Korea rose sharply in September from a month earlier as exporters increased dollar holdings, central bank data showed Tuesday.
 
Residents' outstanding foreign currency-denominated deposits came to $94.2 billion as of end-September, up $1.6 billion from the previous month, according to the Bank of Korea (BOK).
 
It represents the second consecutive month of on-month increase. In August, they climbed by $470 million from the previous month.
 
Residents include local citizens, foreigners staying here for more than six months and foreign companies. The data excludes interbank foreign currency deposits.
 
The central bank said exporting companies put more dollars into local banks on the back of improving overseas shipments.
 
Last month, the country's exports rose 16.7 percent on-year to a new monthly high of $55.8 billion to extend their gaining streak to the 11th consecutive month.
 
Dollar-denominated deposits increased by $1.77 billion to $82.15 billion in September, but yen-denominated deposits fell by $150 million to $4.79 billion.
 
Corporate deposits came to $75.76 billion as of end-September, up $2.1 billion from the previous month, with individual holdings dropping by $500 million to $18.44 billion.
 
Yonhap
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