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Foreign currency deposits up in May amid increased corporate savings

June 22, 2022 - 14:08 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 in May due to increased corporate savings, central bank data showed Wednesday.

Residents' outstanding foreign currency-denominated deposits reached $89.17 billion as of end-May, up $2.18 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 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. (Yonhap)