Foreign currency deposits at South Korean banks rose to a fresh high in September on gains in the trade surplus and a rise in corporate sales of overseas bonds, the central bank said Tuesday.

Outstanding foreign currency-denominated deposits held by local residents reached a record $39.26 billion as of the end of September, up $3.43 billion from the previous month, according to the Bank of Korea.

Residents includes individual citizens and firms but does not cover foreign nationals with residency status. The data also excludes inter-bank foreign currency deposits.

The BOK said exporters parked more money in the deposit as export earnings rose amid the trade surplus and corporate sales of overseas bonds shot up.

South Korea’s trade surplus remained in the black for the eighth straight month in September, but the surplus mainly resulted from drops in exports and imports, spawning concerns that demand at home and abroad is weakening amid the global economic slowdown.

Companies’ holding of FX deposits rose $3.28 billion on-month to $35.43 billion while such deposits held by individuals gained $150 million to $3.83 billion, the central bank added.

In late June, the government unveiled plans to encourage local banks to encourage more foreign currency deposits in a bid to build a safety net from external shocks.

Foreign currency savings accounted for about 3 percent of total bank deposits as of end-April, the latest data available showed. (Yonhap News)