Korea Sees Third Consecutive Monthly Rise in Foreign Currency Deposits

Foreign currency deposits in Korea continued their upward trend for the third consecutive month in June. According to data from the Bank of Korea (BOK), outstanding foreign currency-denominated deposits held by residents reached $113.33 billion, up $1.08 billion from May.

The increase is attributed to higher basic deposits required for derivatives trading due to stock market volatility and increased dollar receipts by exporting companies. Dollar-denominated deposits rose the most, increasing by $2.25 billion to $97.8 billion.

On the other hand, euro-denominated deposits dropped $460 million to $5.84 billion, while yen deposits fell $410 million to $7.12 billion. Corporate foreign currency deposits also saw an increase of $1.58 billion to $98.99 billion, but individual holdings declined by $500 million to $14.33 billion.