Foreign currency deposits in South Korea decreased for the second consecutive month in February, as reported by the Bank of Korea. The total foreign currency-denominated deposits held by residents dropped to US$117.53 billion at the end of February, down by $490 million compared to the previous month. This decline was attributed to decreases in both individual and corporate deposits.
In February, corporate foreign currency deposits fell by $450 million to $100.23 billion, while individual holdings also saw a decrease of $40 million, totaling $17.31 billion. U.S. dollar-denominated deposits experienced a decline of $340 million to $96 billion, and Japanese yen deposits decreased by $210 million to $9.3 billion. On the other hand, euro-denominated deposits increased by $200 million to $9.59 billion, while Chinese yuan deposits fell by $150 million to $1.23 billion.
Budget Minister nominee Park Hong-keun emphasized the importance of including measures to stabilize energy supplies, particularly oil reserves, in the proposed supplementary budget bill. With the ongoing crisis in the Middle East affecting global oil prices, Park highlighted the necessity of preparing for uncertainties by diversifying supply routes and securing key items for future supply chain stability. The government had previously implemented a fuel price cap system to mitigate cost burdens related to soaring fuel prices amid supply concerns due to the conflict.
