News Column

S. Korean Banks' Foreign Currency Deposits Hit Record High in January

February 7, 2014

Seoul, February 07 (QNA) - Foreign currency deposits in South Korean banks rose to a record high in January on sales of overseas bonds, the Korean central bank said Friday.

Outstanding foreign currency-denominated deposits held by residents reached US$49.2 billion as of end-January, up $760 million from the previous month, the Bank of Korea was quoted by South Korean News Agency (Yonhap) as saying.

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

The dollar-denominated deposits rose by $720 million on-month to $36.63 billion as some state-run companies put the proceeds of overseas bonds into such deposits. The Yuan-denominated deposits gained $890 million to $7.56 billion.

Companies' holdings of FX deposits advanced $1.02 billion to $44.03 billion while such deposits held by individuals fell $260 million to $5.17 billion, it added.

In June last year, the government unveiled plans to encourage local banks to secure more foreign currency deposits in a bid to protect against external shocks. (QNA)

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Source: Qatar News Agency

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