Residents’ FX deposits rise in Aug. amid brisk exports

SEOUL-- Foreign currency deposits at banks in South Korea gained in August from a month earlier as exporters increased dollar holdings, central bank data showed Tuesday.

Residents' outstanding foreign currency-denominated deposits stood at US$92.6 billion as of end-August, up $470 million from the previous month, according to the Bank of Korea (BOK).

The country's foreign exchange deposits swung to an upturn for the first time in five months. In July, they were down $910 million from June.

Residents include local citizens, foreigners staying here for more than six months and foreign companies. The data excludes interbank foreign currency deposits.

The central bank said exporting companies put more dollars into local banks on the back of improving overseas shipments.

Last month, the country's exports soared 35 percent on-year to $53.2 billion to extend their gaining streak to the 10th consecutive month.

Dollar-denominated deposits increased by $700 million to $80.4 billion in August, but euro-denominated deposits fell by $130 million to $4 billion.

Corporate FX deposits came to $73.7 billion as of end-August, up $740 million from the previous month, with individual holdings dropping by $270 million to $18.9 billion.

Source: Yonhap News Agency

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