Foreign currency deposits grow in August

Foreign currency deposits held by banks in South Korea rose from a month earlier in August on a sharp rise in US dollar deposits by individual investors and exporters, central bank data showed Monday.

Outstanding foreign currency deposits held by local residents came to US$67.34 billion as of end-August, up $1.11 billion from the previous month, according to the data from the Bank of Korea.

Foreign deposits include those held by foreigners who have stayed in South Korea for more than six months, as well as foreign companies here.

The on-month gain in August was attributed to a sharp rise in US dollar deposits.

Dollar deposits came to $56.92 billion at the end of August, up $1.18 billion from the previous month. Deposits held in Chinese yuan fell $90 million to $1.9 billion, while deposits held in euro dropped $180 million to $3.09 billion.

By holder, companies held $56.99 billion in foreign currency deposits, up $230 million from the previous month. Deposits held by individuals also gained $880 million to $10.35 billion. (Yonhap)