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Foreign currency deposits grow in Feb. on increased corporate savings

March 21, 2022 - 13:19 By Yonhap
This file photo shows a Hana Bank official in Seoul inspecting US banknotes before their release into the local financial market. (Yonhap)

Foreign currency deposits at banks in South Korea grew for the first time in three months in February thanks to increased corporate savings, central bank data showed Monday.

Residents' outstanding foreign currency-denominated deposits reached $98.14 billion as of end-February, up $4.97 billion from the previous month, according to 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 February growth came as companies saw their dollar-denominated deposits increase from exports, offshore bond issuance and savings reserved for overseas investment.

Dollar-denominated deposits came to $83.43 billion as of end-February, up $4.51 billion from a month earlier. Of them, corporate despoils grew $4.71 billion, while individuals' savings inched down $200 million.

Euro-denominated deposits also grew $610 million to $5.61 billion, the data showed. (Yonhap)