S.Korea's foreign currency deposits rise in 5 months at 60.57 bln USD

Foreign currency deposits in South Korea rose for the first time in five months as the U.S. dollar deposits increased amid a rise in corporate deposit of export proceeds, central bank data showed Friday.

Deposits denominated in foreign currencies amounted to 60.57 billion U.S. dollars as of end-March, up 7.1 billion dollars from a month earlier, according to the Bank of Korea (BOK).

It was the first increase in five months, rising above the 60-billion-dollar level for the first time in four months.

The dollar deposits jumped 5.76 billion dollars from a month earlier to 48.27 billion dollars at the end of March as companies deposited export proceeds and import costs in foreign currencies.

The Chinese currency-denominated deposits increased 0.37 billion dollars to 4.71 billion dollars during the cited period, posting the first increase in 11 months.

Deposits denominated in the Japanese currency rose 0.58 billion dollars to 3.52 billion dollars, while the European currency deposits gained 0.48 billion dollars to 2.9 billion dollars.

Local banks held a total of 50.02 billion dollars in foreign currency deposits as of end-March, up 6.05 billion dollars from a month earlier. Deposits held by Seoul branches of foreign banks amounted to 10.55 billion dollars.

Companies deposited 52.93 billion dollars in foreign currency accounts, while individuals owned foreign currency deposits worth 7.64 billion dollars. Endite