South Korea posts record high FX deposits in June

The ongoing pandemic pushed businesses and individuals to boost holdings.

Foreign currency deposits in South Korean banks surged to a record high in June, reports Yonhap News Agency, based on the latest figures released by the central bank.

Foreign currency deposits held by residents came to $84.53b as of end-June, up $3.61b from a month earlier, data from the Bank of Korea (BOK) revealed.

This was attributed to the ongoing pandemic crisis that pushed businesses and individual to boost their currency holdings.

"Considering that the country's economic size is unlikely to have been bigger prior to June 2012, we believe the amount is the highest in the country's history," a BOK official said.

Meanwhile, foreign currency deposits held by businesses here gained $2.19b on-month to $67.13b in June, with savings held by individuals adding $1.42b to $17.4b over the same period.

Local residents include foreign entities who have stayed here for more than six months.

Savings in the U.S. greenback amounted to $73.46b as of end-June, up $3.54b from a month earlier.