SEOUL, Nov. 16 (Xinhua) -- Foreign currency deposits growth in South Korea hit a new monthly high last month due to solid exports, central bank data showed Thursday.
Deposit denominated in foreign currencies rose 9.62 billion U.S. dollars to 73.28 billion U.S. dollars as of end-October, according to the Bank of Korea (BOK).
It was the biggest monthly increase since the bank began compiling the relevant data. The previous high was 7.32 billion U.S. dollars of expansion in April 2014.
Helped by the fastest growth, the foreign currency deposits posted a new record high at the end of October.
It was mainly attributable to robust exports. Local exporters deposited export proceeds in bank accounts without its conversion into the local currency as the South Korean won appreciated versus the greenback.
The won/dollar exchange rate averaged 1,129.5 won per U.S. dollar in October, down 3.4 won from the previous month.
The local currency gained against the dollar as geopolitical risks eased on the Korean Peninsula.
Deposit denominated in the dollar advanced 7.82 billion U.S. dollars from a year earlier to 62.47 billion U.S. dollars as of the end of October.
The Japanese yen deposit rose 0.97 billion U.S. dollars to 4.99 billion U.S. dollars, with the European single currency deposit adding 0.68 billion U.S. dollars to 3.11 billion.
Deposit denominated in the Chinese yuan stood at 1 billion U.S. dollars as of end-October, down 30 million U.S. dollars from a month ago.
