South Korea's Foreign Currency Deposits Down in September

Foreign currency deposits held by banks in South Korea dropped from a month earlier in September due mainly to a decline in US dollar deposits by exporters, Korea's central bank data showed Monday.

    Outstanding foreign currency deposits held by local residents came to US$66.5 billion as of end-September, down $840 million from the previous month, according to the data from the Bank of Korea (BOK).

    Foreign deposits include those held by foreigners who have stayed in South Korea for more than six months, as well as foreign companies here, state news agency (Yonhap) reported. The on-month fall in September was attributed to a decline in US dollar and Chinese yuan deposits. 

    Dollar deposits came to $56.52 billion at the end of September, down $400 million from the previous month. Deposits held in Chinese yuan fell $300 million to $1.6 billion, while deposits held in euros dropped $40 million to $3.05 billion.

    By holder, companies held $55.3 billion in foreign currency deposits, down $1.69 billion from the previous month. Meanwhile, deposits held by individuals gained $850 million to $11.2 billion.