Korea’s USD deposits decline in April amidst weakening won

Companies reportedly withdrew part of their US dollar deposits.

South Korea’s foreign currency deposits declined for the fourth straight month in April, reports Yonhap, based on data from the Bank of Korea (BOK).

This is reportedly due to companies withdrawing part of their US dollar-denominated deposits amidst the weakening won, according to the central bank.

Residents' outstanding foreign currency-denominated deposits reached $91.35b at end-April, lower by $3.66b from end-March.

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By currency, dollar-denominated deposits fell by $3.26b to $74.33b.

Japanese yen-denominated deposits also dropped to $9.71b in April, from $110m a month earlier. 

Euro-denominated deposits also fell to $4.82b, lower by $550m than a month ago.

Chinese yuan-denominated deposits fell by $100m to $910 million.

(The source article, “Foreign currency deposits down for 4th month in April” was published on 24 May 2024; article by Park Sang-soo)