South Korea Records USD1.29B Drop in Foreign Currency Deposits
(MENAFN) South Korea’s foreign currency deposits fell for the first time in three months in July, driven by declining demand for the U.S. dollar and Chinese yuan, Bank of Korea (BOK) data revealed on Wednesday.
According to the central bank, total foreign currency deposits dropped by 1.29 billion U.S. dollars from June, ending the month at 105.15 billion dollars. This marked a reversal following two consecutive months of gains.
The downturn was largely fueled by reduced holdings in both the U.S. and Chinese currencies. Dollar-denominated deposits fell by 0.42 billion dollars to 88.72 billion dollars, while yuan deposits saw a sharper decline, plunging 0.89 billion dollars to 1.19 billion dollars.
Meanwhile, other major currencies showed mixed results. Japanese yen holdings edged up 0.05 billion dollars to 8.74 billion dollars, whereas euro deposits slipped by 0.14 billion dollars to 5.07 billion dollars.
A breakdown by ownership revealed that deposits held by businesses contracted by 1.25 billion dollars, totaling 90.42 billion dollars. Individual-owned deposits experienced a slight decline of 0.04 billion dollars, landing at 14.73 billion dollars.
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