Bank of Korea “The background of the decline in dollar deposits in corporate investment and withdrawal of payment funds”
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(Seoul = Yonhap News) Reporter Shin Kyung-kyung = Foreign currency deposits by residents decreased by nearly $6 billion last month due to the combination of companies’ overseas investment and import settlement withdrawals and individuals selling dollars.
According to the ‘Resident Foreign Currency Deposit Trend’ released by the Bank of Korea on the 23rd, as of the end of April this year, the balance of resident foreign currency deposits at foreign exchange banks stood at $86.99 billion, $5.72 billion less than at the end of March. It is the second consecutive month of decline following March (-5.43 billion USD).
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Resident foreign currency deposits refer to domestic foreign currency deposits for Koreans and domestic companies, foreigners who have lived in Korea for more than 6 months, and foreign companies that have entered the country.
By entity, corporate deposits ($71.65 billion) fell by $4.69 billion and personal deposits ($15.34 billion) decreased by $1.03 billion in one month.
By currency type, deposits in US dollars ($73.18 billion) decreased by $5.37 billion.
Deposits in yuan ($1.56 billion), yen ($5.66 billion) and euro ($5.01 billion) also fell by $130 million, $70 million and $40 million, respectively.
A BOK official explained that the decrease in dollar deposits was because “businesses withdrew funds for overseas investment and import payments, and individuals sold dollars when the won/dollar exchange rate rose.”
Individual dollar deposits stood at $13.54 billion at the end of April, down $1.06 billion from the end of March ($14.6 billion). The decline has been continuing for the fourth consecutive month since January (15.82 billion dollars).
The daily average won/dollar exchange rate rose by 13.8 won from 1,221.3 won in March to 1,235.1 won in April.
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2022/05/23 12:00 Send