foreign currency-December deposits

Foreign currency deposits up in December on dollar savings

SEOUL, Jan. 25 (Yonhap) -- Foreign currency deposits at banks in South Korea grew in December, as corporate dollar savings increased, central bank data showed Wednesday.

Residents' outstanding foreign currency-denominated deposits had come to US$110.98 billion as of end-December, up $3.59 billion from the previous month, according to the data from the Bank of Korea (BOK).

Residents include local citizens, companies, foreigners staying here for more than six months and foreign firms. The data excludes interbank foreign currency deposits.

December's rise came as dollar savings increased for business operation and foreign direct investment, the BOK said.

Dollar savings increased $1.86 billion on-month to $95.38 billion at the end of December, the data showed. Dollar savings accounted for 85.9 percent of total foreign deposits.

Corporate foreign currency savings amounted to $96.10 billion in December, up $3.28 billion from a month earlier. Individuals' foreign currency savings were also up $310 million to $14.88 billion, the data showed.

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