South Korea's Foreign Currency Deposits Grow in July

Foreign currency deposits held at banks in South Korea grew from a month earlier in July on a sharp rise in US dollar deposits from exporters, central bank data showed Wednesday.

    Outstanding foreign currency deposits held by local residents came to US$66.23 billion as of end-July, up $6.62 billion from the previous month, according to the data from the Bank of Korea (BOK).

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

    The on-month gain in July was attributed to a sharp rise in US dollar deposits. "Dollar-denominated deposits hit a record high as exporters put more of their dollar earnings in banks," the BOK said in a press release. 

    Dollar deposits came to $55.74 billion at the end of July, up $5.74 billion from the previous month. Deposits held in Chinese yuan rose $100 million to $1.99 billion, while deposits held in euro increased $540 million to $3.27 billion.

    By holder, companies held $56.76 billion in foreign currency deposits, up $5.47 billion from the previous month. Deposits held by individuals also gained $1.15 billion to $9.47 billion.