Bank of South Korea recorded a $3.32 billion increase in foreign currency deposits in July

According to the Bank of Korea (BOK), foreign currency deposits in South Korea increased by $3.32 billion to $90.38 billion at the end of July. This is due to the fact that the dollar is expected to strengthen against the won.

The won/dollar exchange rate was 1,307.5 won per dollar in July, up 26.7 won from June.

Looking at the FCD by currency, it was noted that the number of deposits in U.S. dollars increased by $2.86 billion to $76.47 billion in July from the previous month. Meanwhile, euro deposits increased by $570 million to $5.2 billion.

Deposits denominated in Chinese yuan increased to $1.66 billion. By contrast, deposits denominated in the Japanese yen fell to $5.48 billion.

Corporate-held FCD increased $3.33 billion to $75.9 billion in July, while total private FCD decreased by $10 million to $14.48 billion.

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