Foreign currency deposits rise to fresh record high in September

Foreign currency deposits in Korea have reached a new record high in September, driven by a significant surge in dollar savings. This rise is attributed to a sharp increase in dollar-denominated deposits held by residents, which stood at $154.7 billion at the end of September, a $14 billion increase from the previous month. The Bank of Korea's data shows that this trend has been ongoing since April, with deposits continuing to rise each month.

Why it matters

Korea's foreign currency deposits rose to a record high in September, driven by a sharp increase in dollar savings. This could lead to a stronger Korean won as the demand for the currency increases.

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