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Korea's foreign exchange deposits saw a sharp drop in April.
The nation's central bank points to the strong U.S. dollar and unusually high FX reserves in previous months as factors driving this trend.
Kim Hyesung breaks down the digits for us.
South Korea’s foreign exchange deposits saw the biggest on-month fall in seven months this April.
The Bank of Korea said in a statement Tuesday that foreign currency deposits fell by three-point-one billion US dollars on-month to 78-point-2 billion dollars in April.
The foreign exchange deposits recorded include those held by Korean citizens, local companies, foreign companies operating in Korea and foreigners who have lived in the country for more than six months.
This is the biggest fall since September 2017, when the deposits tumbled by 3-point-48 billion dollars.
"The foreign exchange deposits fell mainly as Korean exporting companies shed their U.S. dollar reserves on the stronger greenback last month. The on-month drop of over 30 billion dollars is not a small figure. But in the past several months, Korea's foreign exchange deposits were unusually high due to the strong Korean won on factors including lower North Korea risk. So in a way, the fall is more like a correction."
The South Korean won weakened against the U.S. dollar, averaging 1-thousand-68 won against the greenback in April, up 4-point-5 won from a month earlier.
According to the central bank, deposits in U.S. dollars shrank over three-point-7 billion dollars to 66-point-3 billion in April, accounting for about 85% of the total foreign exchange bank deposits.
Deposits denominated in other foreign currencies, including the Japanese Yen, the Euro and Chinese Yuan all inched up slightly.
Kim Hyesung, Arirang News.
Korea's foreign exchange deposits saw a sharp drop in April.
The nation's central bank points to the strong U.S. dollar and unusually high FX reserves in previous months as factors driving this trend.
Kim Hyesung breaks down the digits for us.
South Korea’s foreign exchange deposits saw the biggest on-month fall in seven months this April.
The Bank of Korea said in a statement Tuesday that foreign currency deposits fell by three-point-one billion US dollars on-month to 78-point-2 billion dollars in April.
The foreign exchange deposits recorded include those held by Korean citizens, local companies, foreign companies operating in Korea and foreigners who have lived in the country for more than six months.
This is the biggest fall since September 2017, when the deposits tumbled by 3-point-48 billion dollars.
"The foreign exchange deposits fell mainly as Korean exporting companies shed their U.S. dollar reserves on the stronger greenback last month. The on-month drop of over 30 billion dollars is not a small figure. But in the past several months, Korea's foreign exchange deposits were unusually high due to the strong Korean won on factors including lower North Korea risk. So in a way, the fall is more like a correction."
The South Korean won weakened against the U.S. dollar, averaging 1-thousand-68 won against the greenback in April, up 4-point-5 won from a month earlier.
According to the central bank, deposits in U.S. dollars shrank over three-point-7 billion dollars to 66-point-3 billion in April, accounting for about 85% of the total foreign exchange bank deposits.
Deposits denominated in other foreign currencies, including the Japanese Yen, the Euro and Chinese Yuan all inched up slightly.
Kim Hyesung, Arirang News.
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