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Foreign currency deposits fall for second straight month

Published: 16 Dec. 2024, 16:48

An official checks banknotes at a Hana Bank branch in central Seoul on Dec. 15. [YONHAP]

Foreign currency deposits fell for a second straight month in November on sagging corporate demand for U.S. dollar-denominated deposits, central bank data showed Monday.

Residents' outstanding foreign currency-denominated deposits reached $98.43 billion as of end-November, down $540 million from a month earlier, according to the data from the Bank of Korea (BOK).

Residents include citizens, foreigners who have stayed in Korea for more than six months and foreign companies. The data excludes interbank foreign currency deposits.

By currency, dollar-denominated deposits dropped by $110 million to $82.63 billion, and Japanese yen-denominated deposits fell by $430 million to $9.37 billion last month.

Euro-denominated deposits went down $400 million to $4.14 billion, and Chinese yuan-denominated deposits decreased by $300 million to $1.03 billion.

Corporate deposits slid $330 million to $83.95 billion as of end-November, and individual holdings slid $210 million to $14.48 billion, the data showed.

The Korean currency had weakened markedly against the greenback from 1,383.3 won in October to 1,394.7 won as of end-November, according to the BOK.

Yonhap