Korean Companies Increase U.S. Dollar Holdings
The Bank of Korea announced on April 20 that the foreign currency deposits of residents added up to US$75.29 billion at the end of last month, up US$6.78 billion from a month earlier. The deposits include US$64.46 billion deposited in the U.S. dollar, which increased US$5.92 billion last month.
The residents here can be defined as South Korean individuals and enterprises, foreigners who resided in South Korea for at least six months, and foreign companies doing business in South Korea. The South Korean and foreign companies’ foreign currency deposits increased US$6.51 billion to US$59.35 billion. On the other hand, the South Korean and foreign individuals’ foreign currency deposits edged up US$270 million to US$15.94 billion last month.
The deposits in South Korean banks rose US$6.65 billion to US$64.29 billion while those in foreign exchange banks’ local branches increased US$130 million to US$11 billion.