Koreans' Forex Deposits Cross $20 Billion
18 May, 2021
Koreans' foreign-currency deposits reach a new all-time high for the 3rd straight month found in April. The Bank of Korea explained Monday that overseas deposits amounted for some US$94.8 billion, up $2.13 billion from March.
The increase was because of a rise in the worthiness of the won against the dollar.
Companies deposited a great deal of money they earn from exports and people also bought a lot of dollars. Individuals' foreign-currency accounts exceeded $20 billion for the very first time last month.
By currency, dollar deposits previous month increased by $2.43 billion while euro and yen deposits dwindled by $200 million and $110 million respectively.
The won strengthened to W1,112.3 against the greenback last month and persons' foreign deposits grew by $670 million. Businesses' deposits reached $74.79 billion, up $1.46 billion from the prior month.
Source:
TAG(s):