foreign currency-January deposits

Foreign currency deposits down in Jan. on dollar withdrawals for imports, investment

SEOUL, Feb. 27 (Yonhap) -- Foreign currency deposits at banks in South Korea decreased in January as companies used their dollar holdings for imports and overseas investment, central bank data showed Monday.

Outstanding foreign currency-denominated deposits by residents stood at US$109.25 billion at the end of January, down $1.73 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.

January's decline is attributed in part to businesses using their dollar holdings to pay for imports and overseas investment.

Dollar deposits decreased by $3.04 billion over the cited period to $92.34 billion, while euro deposits increased by $1.2 billion to $6.7 billion.

Corporate foreign currency savings amounted to $94.28 billion in January, down $1.82 billion from the previous month. Meanwhile, individuals' foreign currency savings increased by $90 million to $14.97 billion.

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