S Korea’s foreign currency deposit hits 18-month low on strong USD | 2019-04-16 | daily-sun.com

S Korea’s foreign currency deposit hits 18-month low on strong USD

16 April, 2019 12:00 AM printer

SEOUL: Foreign currency deposit in South Korea hit the lowest in 18 months as the strong U.S. dollar led domestic companies to withdraw and sell the dollar funds for the local currency, central bank data showed Monday.

Deposit denominated in foreign currencies amounted to 67.15 billion U.S. dollars as of end-March, down 6.53 billion dollars from a month earlier, according to the Bank of Korea (BOK), reports Xinhua.

It was the lowest since September 2017 as the dollar deposit sharply fell amid the strong dollar, which drove local companies to exchange the dollar for the domestic currency.


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