S.Korea's foreign currency deposit falls in August

Xinhua
20 Sep 2022, 14:44 GMT+10

SEOUL, Sept. 20 (Xinhua) -- South Korea's foreign currency deposit fell last month as companies withdrew the U.S. dollar fund for import costs, central bank data showed Tuesday.

Deposit, denominated in foreign currencies, totaled 88.27 billion dollars at the end of August, down 2.11 billion dollars from a month earlier, according to the Bank of Korea (BOK).

It came as local companies increased the withdrawal of the greenback to import raw materials, of which price soared recently amid geopolitical risks in Europe.

Deposit, denominated in dollar, dwindled 1.57 billion dollars from a month earlier to 74.9 billion dollars at the end of August, and the euro deposit shrank 0.46 billion dollars to 4.74 billion dollars.

The Chinese yuan deposit fell to 1.26 billion dollars, but the Japanese yen deposit rose to 5.74 billion dollars.

Foreign currency deposit, owned by companies, declined 1.49 billion dollars to 74.41 billion dollars last month, and the individuals-possessed deposit slipped 0.62 billion dollars to 13.86 billion dollars.

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