Break through US$100bn for the First Time
Foreign currency deposits of residents in Korea hit a new high at US$107.39 billion at the end of November, an increase of US$9.74 billion from the end of the previous month, according to a report released by the Bank of Korea on Dec. 21. The figure exceeded US$100 billion for the first time since the Bank of Korea compiled related statistics.
Residents' foreign currency deposits are foreign currency deposits in Korea held by Koreans, Korean companies, foreigners who have resided in Korea for more than six months, and foreign companies doing business in Korea.
By currency, U.S. dollar deposits swelled by US$8.72 billion from the end of the previous month, and euro deposits by US$400 million.
U.S. dollar deposits soared due to companies depositing export/import settlement payments and an increase in demand for securing foreign currency liquidity, while euro deposits edged up due to the recovery of margin related to overseas derivatives tradings by some securities companies and net purchases of spot currencies by companies.
By bank, Korean banks chalked up US$97.97 billion, an increase of US$9.38 billion, and foreign bank branches US$9.42 billion, an increase of US$360 million.
By entity, corporate deposits stood at US$92.82 billion, an increase of US$9.44 billion from the previous month, and individual deposits ascended by US$300 million to US$14.57 billion.