(MENAFN- Qatar News Agency) Foreign currency deposits in South Korean banks declined for the first time in seven months in December as companies withdrew money to cover import bills, the central bank said Monday.
Outstanding foreign currency-denominated deposits held by residents reached US$48.44 billion as of end-December, down $170 million from a record high of $48.61 billion in November, (Yonhap) news agency reported citing the Bank of Kore
It marked the first decline since May when such deposits fell by $1.66 billio
Residents include local citizens, foreigners staying here for more than six months and foreign companie
The data exclude inter-bank foreign currency deposit
The dollar-denominated deposits fell by $2.9 billion on-month to $35.91 billion as companies usually tap such deposits to cover import bill
The yuan-denominated deposits, meanwhile, rose by $2.5 billion on-month to $6.67 billio
Companies' holdings of FX deposits fell $260 million on-month to $43.01 billion while such deposits held by individuals gained $90 million to $5.43 billion, it adde
In June last year, the government unveiled plans to encourage local banks to secure more foreign currency deposits in a bid to protect against external shocks
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