The Republic of Korea’s foreign currency deposits increased for the third straight month in August as companies increased US dollar-denominated deposits after export settlement, Yonhap reported on Thursday, quoting central bank data.

Residents’ outstanding foreign currency-denominated deposits reached US$100.41 billion at end-August, up US$5.97 billion from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, foreigners who have stayed in South Korea for more than six months and foreign companies.

The data excludes interbank foreign currency deposits. By currency, dollar-denominated deposits rose by $5.53 billion to $83.57 billion, and Japanese yen-denominated deposits fell by $290 million to $9.81 billion last month. Euro-denominated deposits also climbed by $700 million to $4.83 billion, and Chinese yuan-denominated deposits increased by $30 million to $1.04 billion, according to the data.

Corporate deposits came to $85.25 billion as of August, up $5.
92 billion from the previous month, with individual holdings rising by $50 million to $15.16 billion.

Source: Emirates News Agency