South Korea's Forex Deposits Recover in May
(MENAFN) Foreign currency deposits in South Korea bounced back in May after three consecutive months of declines, fueled by renewed interest in U.S. dollars, according to data released Monday by the country's central bank.
Figures from the Bank of Korea (BOK) show that the total value of foreign currency deposits rose by $5.10 billion from April, reaching $101.36 billion by the end of May. This marked the first increase in four months.
The rebound was largely driven by a surge in deposits held in U.S. and Japanese currencies.
U.S. dollar-denominated holdings alone jumped by $4.54 billion to $85.54 billion, while deposits in Japanese yen climbed by $560 million to settle at $8.43 billion. Euro-denominated deposits remained flat at $5.09 billion.
Corporate accounts were responsible for the majority of the increase. Business-held foreign currency deposits expanded by $4.60 billion to $87.01 billion in May. Meanwhile, deposits held by individuals edged up $500 million, totaling $14.35 billion.
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