Foreign Currency Deposits Plummet by Billions

      September 21, 2022 12:30

      The money parked in foreign currency deposits in Korea declined by more than US$2.1 billion last month. The Bank of Korea said Tuesday that the balance of foreign currency deposits stood at $88.27 billion in August, down $2.1 billion from the end of July.
      The deposits include accounts held by Koreans, foreign expats and foreign and Korean businesses.
      Corporate deposits dwindled by $1.49 billion to $74.4 billion and private deposits by $620 million to $13.86 billion.
      U.S. dollar-denominated accounts declined by more than $1.57 billion to $74.9 billion, while euro accounts shrank by $460 million to $4.74 billion and yuan accounts by $400 million to $1.26 billion. Only yen-denominated accounts rose $260 million to $5.74 billion.
      A Bank of Korea official said, "Foreigners are retrieving their investments here, while some businesses cashed in profits made here." Others are believed to have capitalized on the steep surge of the greenback.
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