emirates7 - Foreign currency deposits in South Korea rose in May for the first time in four months, fueled by a surge in deposits at securities firms and the short-term placement of funds related to corporate overseas investments, according to central bank data released Monday.
Figures from the Bank of Korea (BOK) showed that the total amount of foreign currency-denominated deposits held by residents reached US$101.36 billion at the end of May, reflecting a $5.1 billion increase from the previous month.
This marks the first monthly gain since January, as reported by Yonhap News Agency.
The data covers deposits by residents, which include South Korean nationals, foreigners living in the country for more than six months, and foreign companies, but excludes interbank foreign currency deposits.
Corporate foreign currency deposits grew by $4.6 billion month-on-month to $87.01 billion, while individual deposits rose by $500 million to $14.35 billion.
In terms of currency, U.S. dollar deposits increased by $4.54 billion to $85.54 billion, attributed to higher investor activity at securities firms and the temporary inflow of funds for overseas corporate investments.
Euro deposits remained stable at around $5.09 billion.
Deposits in Japanese yen rose by $560 million to $8.43 billion, whereas deposits in Chinese yuan declined by $190 million to $980 million, largely due to current transaction payments, the central bank noted.
Figures from the Bank of Korea (BOK) showed that the total amount of foreign currency-denominated deposits held by residents reached US$101.36 billion at the end of May, reflecting a $5.1 billion increase from the previous month.
This marks the first monthly gain since January, as reported by Yonhap News Agency.
The data covers deposits by residents, which include South Korean nationals, foreigners living in the country for more than six months, and foreign companies, but excludes interbank foreign currency deposits.
Corporate foreign currency deposits grew by $4.6 billion month-on-month to $87.01 billion, while individual deposits rose by $500 million to $14.35 billion.
In terms of currency, U.S. dollar deposits increased by $4.54 billion to $85.54 billion, attributed to higher investor activity at securities firms and the temporary inflow of funds for overseas corporate investments.
Euro deposits remained stable at around $5.09 billion.
Deposits in Japanese yen rose by $560 million to $8.43 billion, whereas deposits in Chinese yuan declined by $190 million to $980 million, largely due to current transaction payments, the central bank noted.