Foreign currency deposits remain high in June


SEOUL, July 24 (Yonhap) — Foreign currency deposits maintained their high levels in June, with Japanese yen deposits reaching an all-time high, according to data from the Bank of Korea (BOK).

At the end of June, the amount of foreign currency held by residents, which includes local citizens, foreigners staying in South Korea for more than six months and foreign companies, stood at $99.83 billion, a $3.04 billion increase from the previous month.

The most significant growth was seen in Japanese yen deposits, which rose by $1.23 billion to $7.48 billion. This was attributed to the weakening of the yen against the Korean won, which fell to the 800 won range per 100 yen, the lowest in eight years.

Dollar-denominated deposits went up by $1.15 billion, euro-denominated deposits increased by $350 million, and Chinese yuan-denominated deposits rose by $320 million.

Corporate deposits amounted to $85.18 billion as of June, up $2.51 billion from the previous month, while individual holdings grew by $530 million to $14.65 billion.

This July 5, 2023, file photo shows a yen-won exchange rate monitor in a bank in central Seoul. (Yonhap)

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