▲ This undated file photo shows dollar bills at Hana Bank's Counterfeit Notes Response Center in Seoul. (Yonhap)

foreign currency-deposits

Foreign currency deposits rise for 2nd month in May

SEOUL, June 26 (Yonhap) -- Foreign currency deposits in South Korea rose for the second consecutive month in May on increased dollar savings, central bank data showed Friday.

Outstanding foreign currency-denominated deposits held by residents stood at US$112.25 billion at the end of May, up $1.57 billion from a month earlier, according to data from the Bank of Korea (BOK).

The figure rose by $8.51 billion in April, snapping a three-month decline.

Residents include South Korean citizens, foreigners who have lived in the country for more than six months and foreign companies. The data excludes interbank deposits.

By currency, U.S. dollar-denominated deposits increased $2.24 billion to $95.56 billion, rising for the second consecutive month.

Euro-denominated deposits dropped $280 million to $6.3 billion, while Japanese yen deposits fell $690 million to $7.52 billion.

Corporate foreign currency deposits rose $2.54 billion to $97.42 billion, while individual holdings declined $960 million to $14.83 billion.

The BOK attributed the increase in dollar deposits to higher basic deposits required for derivatives trading amid stock market volatility, as well as increased dollar receipts by exporting companies.

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