S.Korea's Foreign Currency Deposits Up In May | MENAFN.COM

Saturday, 02 July 2022 09:08 GMT

S.Korea's Foreign Currency Deposits Up In May


(MENAFN- IANS)

Seoul, June 22 (IANS) Foreign currency deposits at banks in South Korea grew in May due to increased corporate savings, central bank data showed on Wednesday.

Residents' outstanding foreign currency-denominated deposits reached $89.17 billion as of end-May, up $2.18 billion from the previous month, Yonhap news agency reported, citing the data from the Bank of Korea (BOK).

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

The rise came as companies increased their deposits for payments related to overseas trading. Corporate foreign currency savings amounted to $73.91 billion in May, up $2.26 billion from a month earlier.

Individuals' foreign currency savings, however, edged down $80 million over the cited period to $15.26 billion, the data showed.

Dollar-denominated deposits came to $75.35 billion as of end-May, up $2.17 billion from a month earlier. Euro-denominated deposits also declined $120 million to $5.13 billion, according to the data.

--IANS

int/shs

MENAFN22062022000231011071ID1104412953


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.