By Kim Minji

The foreign currency deposits of residents in Korea have hit an all-time high.

The Bank of Korea on May 17 said in a report that such deposits late last month reached USD 94.83 billion, up USD 2.13 billion from March and the highest on record.

The increase was thanks to companies depositing large sums they earned from exports and individuals who bought a lot of greenbacks doing the same.

The deposits were those by domestic nationals and companies, foreign residents who stayed in Korea for over six months and foreign companies in Korea.

By currency, USD-denominated deposits grew USD 2.43 billion to USD 81.78 billion, but those of the JPY and EUR decreased USD 110 million and USD 200 million to USD 5.14 billion and USD 4.15 billion, respectively.

Foreign currency deposits by companies totaled USD 74.79 billion, up USD 1.46 billion from March, and those by individuals USD 20.04 billion, up USD 670 million.

Explaining the increase, the bank said individuals purchased more USD as companies deposited more of their export earnings and foreign bond issuance and the KRW-USD exchange rate fell.


kimmj7725@korea.kr