Fri, 01 Jul 2022

S.Korea's foreign currency deposit rebounds in May

Xinhua
22 Jun 2022, 18:30 GMT+10

SEOUL, June 22 (Xinhua) -- South Korea's foreign currency deposit rebounded last month as exporters delayed the exchange of export proceeds on rising expectations for the strong U.S. dollar, central bank data showed Wednesday.

Deposit, denominated in foreign currencies, amounted to 89.17 billion U.S. dollars at the end of May, up 2.18 billion dollars from a month earlier, according to the Bank of Korea (BOK).

It marked the first rebound in three months, after dwindling by 5.43 billion dollars in March and 5.72 billion dollars in April, respectively.

Local exporters refrained from exchanging export proceeds amid the strong dollar trend, caused by higher interest rates in the United States.

Foreign currency deposit, held by companies, gained 2.26 billion dollars to 73.91 billion dollars in the cited month, while the individuals-possessed deposit fell 0.08 billion dollars to 15.26 billion dollars.

The U.S. dollar deposit jumped 2.17 billion dollars to 75.35 billion dollars, and the euro deposit gained 0.12 billion dollars to 5.13 billion dollars last month.

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