The Korea Herald

지나쌤

Korea's dollar deposits hit record high in Oct.

By KH디지털2

Published : Nov. 10, 2015 - 14:15

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Foreign currency deposits at banks in South Korea gained in October from a month earlier for the first time in six months, with U.S. dollar-denominated savings reaching a record high, central bank data showed Tuesday.

Outstanding foreign currency deposits held by local residents came to $63.4 billion as of the end of last month, up $4.21 billion from a month earlier, snapping its five-consecutive month losing streak, according to data by the Bank of Korea.

The October figure also marked the largest deposit since June when it hit $64.67 billion.

Local residents include firms and foreign nationals who have stayed in the country for more than six months. The figure excludes inter-bank foreign currency deposits.

The on-month jump is attributable to a sharp rise in U.S. dollar-denominated savings, which account for more than 70 percent of all foreign currency deposits, the BOK said.

They gained $5.98 billion to reach an all-time high of $49.45 billion over the cited period.

"Amid a strengthening South Korean won, local exporters did not withdraw dollars from their accounts," said the BOK.

The won-dollar rate dropped to 1,142.3 won as of end-October from 1,194.5 won a month earlier.

Chinese yuan-denominated deposits, however, slipped $2.24 billion from a month earlier to $7.19 billion, the lowest since December 2013, when it recorded $6.67 billion, according to BOK data. (Yonhap)