Foreign currency deposits rise in November as yen-denominated deposits jump

December 18, 2023

Foreign currency deposits increased in November, fueled by a jump in yen-denominated deposits, central bank data showed Tuesday.

Residents’ outstanding foreign currency-denominated deposits reached US$101.7 billion at end-November, up $7.46 billion from the previous month, according to the data from the Bank of Korea.

Residents include local citizens, foreigners staying in South Korea for more than six months and foreign companies. The data excludes interbank foreign currency deposits.

Japanese yen-denominated deposits rose by $1.3 billion to $9.9 billion last month, marking the sharpest monthly rise since June 2012, according to the central bank.