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S.Korea's foreign currency deposit falls for 2 months

Xinhua News,SEOUL
2020-03-18 14:17

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South Korea's foreign currency deposit fell for the second consecutive month through February, as companies and individuals sold the U.S. dollar amid the local currency's descent versus the greenback, central bank data showed Wednesday.

Foreign currency deposit amounted to 68.51 billion U.S. dollars as of the end of February, down 6.47 billion dollars from a month earlier, according to the Bank of Korea (BOK).

It was the biggest monthly decline in 12 months, keeping a downward trend for two months in a row.

Companies and individuals sold the dollar funds, as the won/dollar exchange rate gained to 1,213.7 won per dollar at the end of last month from 1,191.8 won a month earlier.

Corporate deposit, denominated in foreign currencies, reduced 4.81 billion dollars in February, with the individuals' deposit sliding 1.66 billion dollars.

The U.S. dollar deposit retreated 6.31 billion dollars from a month earlier to 58.54 billion dollars as of end-February.

Deposits denominated in the Japanese yen and the European single currency diminished to 4.16 billion dollars and 3.1 billion dollars each.

The Chinese yuan deposit grew 70 million dollars to 1.24 billion dollars in the cited period.
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