Foreign currency deposits declined for the fifth straight month in May as companies withdrew part of U.S. dollar-denominated deposits amid the weakening won and to settle imports, central bank data showed Friday.
Residents’ outstanding foreign currency-denominated deposits reached US$88.96 billion at end-May, down $2.39 billion from the previous month, according to the data from the Bank of Korea (BOK).
Residents include local citizens, foreigners who have stayed in South Korea for more than six months and foreign companies. The data excludes interbank foreign currency deposits.
By currency, dollar-denominated deposits fell by $2.12 billion to $72.21 billion, and Japanese yen-denominated deposits rose by $360 million to $10.07 billion last month.
Euro-denominated deposits also fell by $350 million to $4.47 billion, and Chinese yuan-denominated deposits increased by $180 million to $1.09 billion, according to the data.
Corporate deposits came to $73.95 billion as of May, down $2.56 billion from the previ
ous month, with individual holdings rising by $170 million to $15.01 billion.
Source: Yonhap News Agency