South Korea’s foreign currency deposits grow
August 7th, 2012 - 2:01 pm ICT by IANSSeoul, Aug 7 (IANS) South Korea’s foreign currency retail deposits grew $3.31 billion last month as more export proceeds were deposited in the foreign currency accounts amid a continued trade surplus, the central bank said Tuesday.
Foreign currency retail deposits held by domestic banks and local branches of foreign banks reached $36.79 billion as of the end of July, up $3.31 billion from a month earlier, according to the Bank of Korea (BOK).
For local lenders, retail deposits denominated in foreign currencies stood at $35.32 billion, or 96 percent of the total, as of end-July, up $3.57 billion from the previous month, reported Xinhua.
The growth came as local companies increased their deposit of export proceeds into the foreign currency accounts amid continued trade surplus, the central bank said. The nation’s trade surplus amounted to $2.7 billion in July, staying in the black for six straight months.
The increase in depositing of funds secured through foreign currency-denominated bonds also contributed to the July expansion, according to the BOK.
- South Korea's investment in foreign securities falls in Q3 - Nov 29, 2011
- South Korea's current account surplus hits new high - Aug 29, 2012
- South Korea's investment in foreign securities plunges - Feb 28, 2012
- South Korean investment in foreign securities grows - May 30, 2012
- South Korea's current account surplus contracts - Jan 30, 2012
- South Korea's current account posts surplus - Jul 27, 2012
- South Korea's foreign reserves contract - Jun 04, 2012
- South Korea's foreign reserves shrink to $308 bn - Dec 02, 2011
- South Korea's foreign reserves go up - Apr 03, 2012
- South Korea's foreign reserves expand - Mar 05, 2012
- South Korea's foreign reserves grow in three months - Feb 02, 2012
- South Korea's central bank leaves interest rates unchanged - Oct 13, 2011
- South Korea's foreign reserves over $300 bn - May 03, 2012
- South Korea's foreign reserves hit new high - Sep 05, 2012
- South Korea's foreign debts contract to $394 bn in Q3 - Nov 22, 2011
Tags: bok, bonds, currency accounts, domestic banks, foreign banks, foreign currencies, foreign currency deposits, lenders, local companies, proceeds, seoul, south korea, trade surplus, xinhua