South Korean banks' foreign currency deposits hit $88.5b in August

​Foreign currency deposits at South Korean banks hit a new all-time high in August, bolstered as companies boosted their dollar holdings, reports Yonhap News Agency, based on central bank data.

Outstanding foreign currency-denominated deposits held by residents jumped to $88.5b in end-August, from by $1.14b from July, according to the Bank of Korea (BOK)

This marks the largest amount tallied since the central bank began to compile data in June 2012.

However, the rise was smaller than the $2.87b and $3.61b increase recorded in July and June, respectively.

Residents include local citizens, foreigners staying here for more than six months and foreign companies.

BOK said that last month's gain resulted from a rise in corporate deposits of funds for import settlements and borrowed money, rather than coronavirus-caused uncertainties.

Corporate deposits amounted to $70.99b as of end-August, up $1.3b from the previous month, but individual holdings shrank by $160m to $17.55b.