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‘Overseas Reserves Domestic U-turn’ Foreign Currency Deposits Increased By $3.04 Billion Last Month

NSP NEWS AGENCY, By Soon-ki Lee and Soo-in Kang, 2023-07-25 08:36 ENX7
#YenDeposit #Increase #OverseasReserves #UTurn

(Seoul=NSP NEWS AGENCY) = Residents’ foreign currency deposits at foreign exchange banks increased by $3.04 billion last month as money accumulated overseas by local companies returned to Korea. In particular, the rate of increase in yen deposits was remarkable.

According to the ‘Residents’ Foreign Currency Deposit Trends in June 2023’ released by the Bank of Korea on the 24th, foreign currency deposits at foreign exchange banks reached $99.83 billion at the end of June, up $3.04 billion from the end of the previous month.

Regarding this, the Bank of Korea explained, “With a significant increase in yen deposits, it increased by $3.04 billion from the end of the previous month due to the impact of companies’ reflux of overseas reserves.”

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By currency, yen deposits increased by $1.23 billion. Yen deposits increased by an all-time high on a monthly basis due to individual surplus funds and deposit of investor deposits in securities companies. Dollar deposits and euro deposits increased by $1.15 billion and $350 million, respectively, compared to the end of the previous month.

By entity, corporate deposits increased by $2.51 billion to $85.18 billion, and personal deposits increased by $530 million to $14.65 billion.

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