SEOUL, June 13: South Korea’s foreign currency bank deposits at end-May fell to their lowest level in three months, central bank data showed on Monday, falling by $5.19 billion to $56.85 billion. The Bank of Korea said the decline was mainly due to state-run businesses withdrawing dollars to redeem maturing offshore bond debt. In April, foreign exchange deposits had climbed to their highest in five months. Dollar deposits declined by $4.78 billion to stand at $46.90 billion as of the end of May, a three-month low. It accounted for 82.5 percent of all foreign currency bank deposits. Deposits denominated in yuan and yen both fell in May, declining to $1.61 billion and $3.40 billion respectively. The yuan accounted for 2.8 percent of foreign currency deposits in May while the yen made up 6.0 percent. (AGENCIES)
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