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South Korea's foreign currency deposits fall to 67.4 bln USD

Xinhua, May 16, 2017 Adjust font size:

Foreign currency deposits in South Korea fell for the first time in four months as local exporters sold the U.S. dollar to gain profits amid the greenback's ascent versus the local currency, central bank data showed Tuesday.

Deposits denominated in foreign currencies reached 67.39 billion U.S. dollars as of the end of April, down 3.15 billion dollars from a month earlier, according to the Bank of Korea (BOK). It was the first decline since December last year.

The deposits continued grew earlier this year from 64.65 billion dollars in January to a record monthly high of 70.54 billion dollars in March before dipping last month.

Last month's reduction was attributable to the dollar's appreciation to the local currency, causing local exporters to sell the dollar to gain the foreign exchange profits.

The won/dollar exchange rate was 1,137.9 won per dollar as of the end of April, up 1.7 percent from a month earlier.

The South Korean currency's depreciation stemmed mainly from geopolitical risks on the Korean Peninsula caused by the dispatch of a U.S. aircraft carrier to the region and the belligerent rhetoric from the Democratic People's Republic of Korea (DPRK).

The dollar-denominated deposits slumped 2.35 billion dollars over the month to 57.79 billion dollars at the end of April. The Japanese yen deposits shed 0.49 billion dollars to 3.77 billion dollars, and the euro deposits slid 0.12 billion dollars to 2.98 billion dollars.

Deposits denominated in the Chinese currency came to 1.22 billion dollars as of the end of April, down 0.14 billion dollars from a month ago. Endit