Foreign currency deposits down in Jan. on dollar withdrawals for imports, investment

• Published date: 27 February 2023
• Publication title: The Korea Times

Foreign currency deposits at banks in Korea decreased in January as companies used their dollar holdings for imports and overseas investment, central bank data showed Monday.

Outstanding foreign currency-denominated deposits by residents stood at $109.25 billion at the end of January, down $1.73 billion from the previous month, according to the data from the Bank of Korea (BOK).

Residents include local citizens, companies, foreigners staying here for more than six months and foreign firms. The data excludes interbank foreign currency deposits.

January's decline is attributed in part to...