Seoul:Foreign currency deposits in South Korea have surged to a new record high in September, primarily due to a significant rise in dollar savings, as reported by central bank data.

According to Yonhap News Agency, the Bank of Korea (BOK) revealed that the outstanding foreign currency-denominated deposits held by residents reached US$154.7 billion at the end of September. This figure represents a $14 billion increase from the previous month and is the highest level recorded since the BOK started compiling such data in June 2012.

The continuous monthly increase in deposits since April highlights the growing trend. The term 'residents' encompasses South Korean citizens, foreigners residing in the country for over six months, and foreign companies, though interbank deposits are not included in the data.

A breakdown by currency shows that U.S. dollar-denominated reserves rose by $12.99 billion to $132.9 billion, marking the highest balance since June 2012. Euro-denominated savings increased by $0.37 billion to $9.53 billion, and Japanese yen deposits rose by $0.55 billion to $9.49 billion.

Corporate deposits in foreign currencies saw a significant rise of $13.1 billion, totaling $136.6 billion, while individual holdings increased by $0.98 billion to $18.11 billion. The BOK attributed the sharp rise in foreign currency deposits to increased dollar receipts by exporting companies and funds held by local brokerages for investments in foreign bonds.