Corporate Dollar Deposits Peak in September as Won Strengthens: Data
Exporters and import companies are holding more dollars as the won weakens, lifting deposits at five major banks to $76.98 billion.
- Outstanding dollar deposits at five major South Korean banks reached a record high of US$76.98 billion as of Thursday, the highest level since banks began compiling such data in May 2021.
- The Korean currency strengthened to its highest level since Oct 2024, rising 254.2 won from an all-time low of 1,588.2 won per dollar recorded on July 1.
- "Dollar deposits are growing as export proceeds come in, while exporters delay exchanging them," said Baek Seok-hyun, an economist at Shinhan Bank. Import companies are actively buying the Dollar in installments.
- Individuals are buying dollars since the won-dollar exchange rate fell in July and August, an official from NH NongHyup bank said, citing rising demand for stock investments.
- Market activity accelerated in early Sept, with $60 million exchanged from the Korean won to the U.S. dollar in the first three days of the month at the five major banks.
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As the won-dollar exchange rate continues its recent sharp decline (1,345.0 won as of 10:30 PM on the 4th at the Seoul Foreign Exchange Market), dollar deposit balances held by companies and individuals, as well as dollar exchanges, are increasing simultaneously. Demand for currency exchange is also rising significantly for the Japanese yen, which continues to weaken. As of the 3rd, the five major cities
Corporate dollar deposits peak in September as won strengthens: data
Corporate dollar deposits at major Korean banks have risen to a record high this month, as the won-dollar exchange rate fell to its lowest level in almost two years, industry data showed Sunday. The outstanding dollar deposits at five major local banks stood at $76.98 billion as of Thursday, the highest level since banks began compiling such data in May 2021. The five banks are KB Kookmin, Shinhan, Hana, Woori and NH NongHyup. The Korean won was…
Exchange Rate Plummets by 250 Won in Two Months, Dollar Deposits Reach All-Time High. As the won-dollar exchange rate fell to its lowest level in 23 months, companies are hoarding dollars rather than selling them, causing dollar deposits at the five major banks to swell to a record high. Amid the possibility of the exchange rate falling further, export companies [regarding] payments received in dollars
(Seoul = Yonhap News) Reporter Lee Do-heun = As the won/dollar exchange rate fell to 1,345 won, its lowest level in 23 months, corporate dollar deposits expanded to an all-time high...
As the won-dollar exchange rate fell to 1,345 won, its lowest level in 23 months, corporate dollar deposits surged to an all-time high. With the won-yen exchange rate also recording a low level, yen deposits also increased to their highest level in 22 months. According to the financial sector on the 6th, the won-dollar exchange rate in the Seoul foreign exchange market traded at 1,345 won around 10:30 PM on the 4th. This is the lowest level sinc…
The dollar deposits of companies at the five largest banks in South Korea recorded a record level this month, with the Won falling to its lowest level for the dollar in about two years, according to Sunday-issued banking sector data. The dollar deposit balances of the five banks amounted to $76.98 billion until Thursday, the highest level since the data collection began in May [...] the US dollar deposits in South Korea record a record level wri…
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