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Corporate Dollar Deposits at Major South Korean Banks Reach Record High

morning · · thread: South Korea's Foreign Reserves See Record Monthly Increase in August

2 sources · South Korea · 1 of them is linked to a state

Who reported this

  • Yonhap South Korea · Centre · State-affiliated · Cooperative; statutory national agency with state subsidy
  • The Korea Herald South Korea · Centre-right · Herald Corporation (Yeongpoong Group)

What the colours mean

  • Left
  • Centre-left
  • Centre
  • Centre-right
  • Right
  • A hatched block means the outlet is affiliated with, or controlled by, a state.

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Every source for this story reports from South Korea.

Corporate dollar deposits at five major South Korean banks reached a record high of 76.98 billion US dollars as of Thursday. This figure represents the highest level since data collection began in May 2021. The five institutions involved are KB Kookmin, Shinhan, Hana, Woori, and NH NongHyup.

The surge comes as the won strengthened to its lowest level in nearly two years. As of 10:30 p.m. Friday, the Korean won was quoted at 1,345 won per dollar. This follows a rise of 254.2 won from an all time low of 1,588.2 won per dollar recorded on July 1.

Baek Seok-hyun, an economist at Shinhan Bank's S&T Center, stated that deposits are growing because exporters are delaying the exchange of export proceeds into won, while import companies are buying US dollars in installments. Additionally, demand from individuals to exchange won for dollars is increasing. In the first three days of September, 60 million dollars were exchanged at the five banks. Monthly exchange amounts had previously declined from 275 million dollars in February to 164 million dollars in June, before rebounding to 349 million dollars in July.

An official from NH NongHyup bank noted that individuals have been buying dollars since the exchange rate fell in July and August, partly driven by increased demand for investing in US stocks.

How each side framed it

Centre
The report presented the data as a straightforward financial update on currency trends and bank deposits.
Centre-right
The report mirrored the factual reporting of the center outlet without introducing distinct framing.

Sources

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