South Korea’s central bank data released on Wednesday showed that foreign currency deposits in South Korean banks continued to decline during April for the fourth consecutive month as a result of import payments and foreign direct investment abroad.
According to bank data, the value of foreign currency deposits to South Korean residents last month reached the equivalent of $91.39 billion, a decrease of $6.1 billion from the previous month.
The category of residents includes South Korean and foreign nationals residing in the country and foreign companies for more than 6 months. These data do not include foreign currency deposits of banks between each other.
Institutional deposits last April reached $77.54 billion, a decrease of $5.41 billion from the previous month, while individuals’ deposits fell by $690 million to $13.85 billion.
In contrast, Japanese yen deposits fell $340 million to $5.32 billion last month.
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