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Economic Report

Economic reports, briefs issued by Samsung Economic Research Institute

Weekly Briefs (Oct. 14 - 18)

Weekly Briefs (Oct. 14 - 18)

Oct. 21, 2013

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Monday, October 14
The outstanding amount of foreign currency-denominated deposits held by local residents broke the record for the second consecutive month. According to the Bank of Korea (BOK), Korean residents' foreign currency-denominated deposits at local banks reached US$42.44 billion at the end of September, gaining US$1.42 billion from the previous month. They have been on the rise for four straight months since June and set a new high for two straight months since August. The BOK attributed the rise to an increase in large companies' export earnings and import payments. By depositor, corporate deposits expanded US$950 million to US$37.51 billion while deposits by individuals rose US$470 million to US$4.93 billion. By currency, deposits in the US dollar gained US$900 million from a month earlier to US$35.83 billion, accounting for 84.5% of the total deposits. Those in the euro slid US$270 million to US$2.26 billion while those in the yen increased US$60 million to US$2.56 billion at end-September.

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