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Foreign currency deposits in S. Korea hit record high in March

Xinhua, April 14, 2017 Adjust font size:

Foreign currency deposits in South Korea hit a new record high last month on demand for the U.S. dollar, which depreciated versus the South Korean currency, central bank data showed Friday.

The foreign currency deposits owned by local residents reached 70.54 billion dollars as of end-March, up 2.6 billion dollars from a month earlier, according to the Bank of Korea (BOK).

The deposits kept rising for the third consecutive month, recording a new monthly high. Local residents refer to South Koreans and foreigners staying here for over six months.

The U.S. dollar declined against the South Korean currency, increasing demand for cheaper U.S. currency.

The dollar-denominated deposits expanded 2.16 billion dollars from a month earlier to 60.14 billion dollars at the end of March, surpassing 60 billion dollars for the first time.

The Japanese yen deposits rose 0.11 billion dollars to 4.26 billion dollars, with the euro deposits adding 0.1 billion dollars to 3.1 billion dollars.

Deposits denominated in the Chinese currency reached 1.36 billion dollars as of end-March, up 0.18 billion dollars compared with a month ago. Endit