South Korea's foreign currency deposit hit a record high last month due to solid demand for safe assets, caused by the COVID-19 resurgence here, Trend reports citing Xinhua.
Deposit, denominated in foreign currencies, reached a fresh high of 93.61 billion U.S. dollars as of end-November, up 0.29 billion dollars from a month earlier, according to the Bank of Korea (BOK).
The deposit refers to the one owned by local residents, including locals and local companies as well as foreign firms and foreigners who have stayed here for at least six months.
Demand increased for safe assets, especially among individuals, amid the COVID-19 resurgence. The daily number of COVID-19 infections hovered above 100 since Nov. 8.
The foreign currency deposit, possessed by individuals, expanded 0.43 billion dollars from a month earlier to 19.02 billion dollars at the end of November, while the companies-owned deposit shed 0.14 billion dollars to 74.59 billion dollars.
The dollar-denominated deposit reduced 0.46 billion dollars to 79.86 billion dollars in the cited period, but deposits in the Chinese yuan, the European currency and the Japanese yen increased to 1.68 billion dollars, 4.5 billion dollars and 5.33 billion dollars respectively.