S.Korea's foreign currency deposit keeps record-breaking trend for 3 months
SEOUL, Sept. 17 (Xinhua) -- South Korea's foreign currency deposit kept a record-breaking trend for the third straight month as the COVID-19 pandemic increased demand for foreign currencies, central bank data showed Thursday.
Foreign currency-denominated deposits, owned by local residents, reached a fresh high of 88.54 billion U.S. dollars as of the end of August, up 1.14 billion dollars from a month earlier, according to the Bank of Korea (BOK).
Local residents refer to locals and local companies as well as foreigners and foreign firms that have stayed here for at least six months.
The foreign currency deposit surpassed the previous record highs for three straight months as the COVID-19 pandemic raised demand for foreign funds.
The U.S. dollar-denominated deposit rose 0.37 billion dollars from a month earlier to 76.59 billion dollars as of end-August, and the euro deposit grew 0.54 billion dollars to 4.15 billion dollars.
The Chinese yuan deposit stood at 1.49 billion dollars, while the Japanese yen deposit came to 4.76 billion dollars. Enditem