Sun, 04 Jun 2023

S. Korea's foreign currency deposit falls in April

Xinhua
24 May 2023, 13:30 GMT+10

SEOUL, May 24 (Xinhua) -- South Korea's foreign currency deposit fell for the fourth consecutive month last month due to a sharp decline in the U.S. dollar deposit, central bank data showed on Wednesday.

The deposit, denominated in foreign currencies, amounted to 91.39 billion U.S. dollars at the end of April, down 6.1 billion dollars from a month earlier, according to the Bank of Korea (BOK).

It came as local companies withdrew foreign currencies from banks for import settlement payments and overseas investment.

The deposit, denominated in the U.S. dollar, dropped 5.13 billion dollars from a month earlier to 79.2 billion dollars at the end of April.

The Japanese yen and the euro deposits shrank to 5.32 billion dollars and 4.45 billion dollars each, and the Chinese yuan deposit slipped to 1.23 billion dollars.

Foreign currency deposit, owned by companies, dipped 5.41 billion dollars to 77.54 billion dollars in the cited month, while the individuals-possessed deposit reduced 0.69 billion dollars to 13.85 billion dollars.

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