SEOUL, March 15 (Korea Bizwire) – Foreign currency deposits at banks in South Korea dropped for the second-straight month in February amid the strong U.S. dollar trend, central bank data showed Thursday.
Foreign currency deposits held by banks here reached US$80.96 billion at the end of February, down $940 million from a month earlier, according to the data compiled by the Bank of Korea (BOK).
It said people sold their dollar possessions as the Korean won lost ground against the U.S. greenback last month, touching a two-month low of 1,092 won on Feb. 9.
Foreign deposits include those held by foreigners who have stayed in South Korea for more than six months, as well as foreign companies operating here.
Broken down, deposits in U.S. dollars decreased $610 million to $69.47 billion in February, and yen deposits were tallied at $5.13 billion last month from the previous month’s $5.62 billion.
Euro-denominated deposits edged up $120 million to $3.51 billion over the same period.
By holder, companies held $65.37 billion in foreign currency deposits last month, down from $65.73 billion in January, while deposits held by individuals dropped $580 million to $15.59 billion in February.