Korean Foreign Currency Deposits Hit Record High

Foreign currency deposits in South Korea reached an all-time high in July, driven by increased dollar receipts from exporters and funds held by brokerages for foreign bond investments.

The Bank of Korea (BOK) reported that outstanding foreign currency-denominated deposits held by residents stood at $128.34 billion at the end of July, a rise of $15.01 billion from the previous month.

This marked the highest level since June 2012 and the largest on-month increase since December 2022, when the figure rose by $15.88 billion.

By currency, US dollar-denominated reserves increased by $11.12 billion to $108.92 billion, while euro-denominated savings gained $2.22 billion to $8.06 billion and Japanese yen deposits increased $1.5 billion to $8.61 billion.