Residents' FX deposits fall in May

Foreign currency deposits at banks in South Korea declined in May from a record high in the previous month as some companies withdrew their FX holdings, central bank data showed Wednesday.

Outstanding foreign currency-denominated deposits held by residents amounted to $94.7 billion as of end-May, down $100 million from an all-time high of $94.8 billion the previous month, according to the Bank of Korea (BOK).

Residents include local citizens, foreigners staying here for more than six months and foreign companies. The data excludes interbank foreign currency deposits.

The BOK said the fall came as some companies withdrew yuan-denominated holdings to pay export bills last month.

The dollar-denominated deposits gained $170 million on-month to a record $82 billion, and the euro-denominated deposits rose $80 million to $4.23 billion. Yuan-based deposits fell $310 million to $1.44 billion.

Companies' holdings of FX deposits reached $74.7 billion as of end-May, down $130 million from the previous month. But deposits held by individuals rose $30 million to $20.1 billion, the BOK said. (Yonhap)