South Korea's July Foreign-Currency Deposits Hit Record High as Dollar Holdings Top $100 Billion

South Korea's foreign-currency deposits hit a record high in July, with dollar savings rising sharply and posting the biggest monthly increase in seven months. According to Sina Finance, data from the Bank of Korea showed resident foreign-currency deposits reached $128.34 billion at the end of July, up $15.01 billion from the previous month. The total was the highest since the Bank of Korea began compiling the data in June 2012 and marked the largest monthly increase since December, when deposits rose by $15.88 billion. Foreign-currency deposits held by residents have increased every month since April. By currency, dollar-denominated deposits rose $11.12 billion to $108.92 billion, also the highest since June 2012. Euro deposits increased $2.22 billion to $8.06 billion, while yen deposits rose $1.5 billion to $8.61 billion. Corporate foreign-currency deposits climbed $13.57 billion to $112.56 billion, while individual holdings increased $1.44 billion to $15.77 billion. The Bank of Korea said the surge was mainly driven by higher export earnings and funds held by local brokerage firms for investment in foreign bonds.