Seoul: Foreign currency deposits in South Korea increased for the second consecutive month in June, driven by the deposit of corporate transaction payments and the temporary placement of overseas investment funds by companies, central bank data showed Wednesday.

According to Yonhap News Agency, outstanding foreign currency-denominated deposits held by residents stood at US$106.44 billion as of end-June, up $5.08 billion from a month earlier, based on data from the Bank of Korea (BOK). This rise follows a $5.1 billion on-month increase in May, marking the first rise since January.

Residents in this context include South Korean citizens, foreigners who have resided in the country for more than six months, and foreign companies. The data excludes interbank foreign currency deposits.

Corporate foreign currency deposits saw an increase of $4.66 billion on-month to reach $91.67 billion, while individual holdings increased by $420 million, amounting to $14.77 billion.

In terms of currency, dollar-denominated deposits climbed by $3.6 billion to $89.14 billion, and Japanese yen-denominated deposits rose by $260 million, reaching $8.69 billion. Euro-denominated deposits saw an increase of $4.90 million to $5.21 billion, while Chinese yuan-denominated deposits added $1.1 billion, totaling $2.07 billion, as reported by the BOK.