The Bank of Korea announced on May 20 that residents’ foreign currency deposits in foreign exchange banks increased by US$2.89 billion to US$78.18 billion last month.
Early this year, the foreign currency deposits decreased US$4.46 billion in January and US$6.47 billion in February for foreign exchange reasons. In March, however, the deposits soared by US$6.78 billion, the largest amount of increase in 16 months, in the wake of the outbreak of COVID-19.
The deposits are divided into those of local individuals, local enterprises, foreigners who stayed for at least six months in South Korea, and foreign enterprises.
Last month, the foreign currency deposits of enterprises increased US$2.63 billion to US$61.98 billion and those of individuals increased US$260 million to US$16.2 billion. The yen deposits fell US$190 million to US$4 billion whereas the U.S. dollar deposits rose US$3.54 billion to US$68 billion.