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South Korea foreign currency deposits hit 5-month low in November
December 13, 2016 / 3:01 AM / a year ago

South Korea foreign currency deposits hit 5-month low in November

SEOUL, Dec 13 (Reuters) - South Korea’s foreign currency deposits declined in November for a third straight month and to a five-month low, central bank data showed on Tuesday, as institutions withdrew funds from dollar and euro accounts.

Total foreign currency bank deposits slipped to $61.05 billion as of end-November, Bank of Korea (BOK) data showed, down from $61.82 billion in the previous month. This was the smallest amount since end-June.

Dollar deposits inched down from $52.74 billion to $52.03 billion over the same period as conglomerates used them for trade-related settlements and also to repatriate into won , the data said.

Deposits of euro ticked down from $3.01 billion to $2.80 billion in November as brokerages withdrew euro from their accounts, the BOK added.

As of end-November, dollar deposits accounted for 85.2 percent of all deposits while the euro accounted for 4.6 percent. (Reporting by Christine Kim; Editing by Eric Meijer)

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