Banks' foreign currency deposits suffer sharpest-ever drop in June
SEOUL, July 16 (Yonhap) -- Foreign currency deposits at South Korean lenders tumbled at the fastest clip ever in June as companies reduced their dollar holdings amid the stronger U.S. dollar trend, central bank data showed Monday.
Foreign currency deposits at local banks totaled US$67.62 billion at the end of June, down $7.17 billion from a month earlier, according to the data compiled by the Bank of Korea (BOK).
The on-month drop was the largest since June 2012 when the central bank began compiling such data.
Foreign deposits include those held by foreigners who have stayed in South Korea for more than six months, as well as by foreign companies operating here.
The BOK said the sharp decline in foreign currency deposits came as businesses shed their dollar-denominated savings and increase those of the local currency amid the stronger trend of the greenback against other major currencies.
The Korean won averaged 1,115.0 won against the U.S. dollar as of end-June, compared with an average 1,078 won recorded a month earlier.
Accordingly, deposits in U.S. dollars shrank by $5.89 billion to $56.65 billion in June, according to the data.
Euro-denominated deposits decreased $340 million to $3.62 billion over the cited period.
Overall, U.S. dollars accounted for 83.8 percent of all foreign currency deposits at local banks in June, followed by yen-denominated deposits at 4.9 percent and euro-denominated deposits at 3.4 percent.
By holders, companies held $53.35 billion in foreign currency deposits last month, down $6.46 billion from a month earlier, while deposits held by individuals fell $710 million to $14.27 billion last month, according to the data.
graceoh@yna.co.kr
(END)
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
Artist Lee Bae captures ethereal Korean aesthetics at Venice Biennale
-
Ateez member Yunho throws first pitch at MLB match between Dodgers, Mets
-
Gov't likely to accept university chiefs' request to lower med school enrollment quota
-
S. Korea supports resolution backing U.N. membership of Palestine
-
Artist Lee Bae captures ethereal Korean aesthetics at Venice Biennale
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
Gov't likely to accept university chiefs' request to lower med school enrollment quota
-
Looming weekly closure of major hospitals feared to worsen medical service crisis
-
Yoon's approval rating sinks to lowest point since taking office
-
U.S. will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
-
Looming weekly closure of major hospitals feared to worsen medical service crisis
-
(LEAD) Hybe to file complaint against sublabel executives over internal conflict
-
Author of ADOR's 'internal document' refutes allegations of spinoff plot
-
U.S. SPACECOM commander says N.K.'s satellite launch violates U.N. resolutions