Foreign currency deposits in South Korean banks declined in March from a record high in the previous month as companies tapped the deposits to pay import bills, the central bank said Friday.

Outstanding foreign currency-denominated deposits held by residents reached $51.1 billion as of end-March, down $1.58 billion from the previous month, according to the Bank of Korea.

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

The dollar-denominated deposits fell $1.99 billion on-month to $37.69 billion while the yuan-denominated deposits gained $270 million to $7.89 billion.

Companies’ holdings of FX deposits declined $1.65 billion to $45.8 billion while such deposits held by individuals rose $70 million to $5.3 billion. (Yonhap)