Dollar deposits in November rose by $1.96 billion in a month to $87.59 billion, the Bank of Korea (BOK) said on the 30th. They had fallen for two straight months in September and October before increasing. The BOK said it was due to increased receipt of export proceeds by corporations at year-end and the deposit of proceeds from foreign-currency bond issuances.
According to the BOK's "November trends in resident foreign-currency deposits," domestic foreign-currency deposits combining U.S. dollars, Japanese yen, euros, yuan, and other currency came to $103.5 billion in November. That was an increase of $1.71 billion in a month. After falling in September (-$550 million) and October (-$5.26 billion), they rose for the first time in three months.
The increase in foreign-currency deposits was led by gains in dollar deposits and euro deposits. Corporations hold 85.4% of domestic dollar deposits. Corporations' dollar deposits last month were $88.43 billion, up $1.67 billion from the previous month. Individuals' dollar deposits were $15.11 billion, up $40 million. Euro deposits also increased by $390 million to $5.4 billion.
Yen and yuan deposits fell last month. Yen deposits decreased by $500 million to $8.13 billion. They have declined for three straight months since September. Yuan deposits decreased by $100 million to $1.14 billion. After increasing in September–October, they fell for the first time in three months.