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Banks' foreign currency deposits fall for 2nd straight month in June

All News 12:00 July 06, 2015

SEOUL, July 6 (Yonhap) -- Foreign currency deposits at South Korean banks fell in June from a month earlier as local firms continued to withdraw money to cover import bills, the central bank said Monday.

Outstanding foreign currency-denominated deposits held by local residents reached US$64.67 billion as of end-June, down $80 million from the previous month, according to the Bank of Korea (BOK).

The June figure marks a fall for the second consecutive month after hitting an eight-month high of $68.04 billion in April, it added. Banks' foreign currency deposits had remained over the $60 billion level since July last year.

Residents include individual citizens, firms and foreign nationals who have stayed here more than six months. The data excludes inter-bank foreign currency deposits.

Dollar-denominated deposits reached $40 billion last month, from $39.4 billion a month ago, accounting for 61.9 percent of the total foreign-currency savings, the BOK said.

The Chinese yuan-denominated deposits slipped to $18.5 billion from $19.07 billion over the cited period, with a share of 28.6 percent.

Companies' holdings of foreign currency deposits fell $130 million on-month to $58.2 billion, while such deposits held by individuals rose $50 million to $6.47 billion, the central bank added.

sam@yna.co.kr
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