[Edaily Reporter Kim Kook Bae ] Driven by export proceeds from major corporations amid the semiconductor boom, dollar deposits hit another all-time high in September. While the won-dollar exchange rate fell by nearly 200 won over the past three months, total foreign currency deposits swelled by more than $40 billion.

According to the Bank of Korea’s “Resident Foreign Currency Deposits” report released on the 28th, foreign currency deposits held at foreign exchange banks totaled $154.71 billion as of the end of September, an increase of $14.09 billion from the previous month. This marks the sixth consecutive month of growth. The balance has set a new record high for three consecutive months since July, and the monthly increase was the third-largest on record. Resident foreign currency deposits refer to domestic foreign currency deposits held by Korean nationals, domestic companies, foreigners residing in Korea for six months or longer, and foreign companies operating in Korea.

In particular, foreign currency deposits rose by $41.38 billion over the three months from July to September. This is 3.7 times the increase recorded in the second quarter ($11.16 billion). The balance of foreign currency deposits, which stood at $113.33 billion at the end of June, increased by 36.5% in just three months. During the same period, the won-dollar exchange rate, based on weekly closing prices, fell by 196.6 won, from 1,549.4 won at the end of June to 1,352.8 won at the end of September. Despite the strengthening won, foreign currency deposits grew rapidly, driven primarily by corporations.

As of the end of September, dollar-denominated deposits stood at $132.9 billion, accounting for 85.9% of the total. This represents an increase of $12.99 billion from the previous month, marking a record high for the fourth consecutive month. The monthly increase was also the largest on record.

The Bank of Korea explained, “Dollar deposits increased due to large corporations receiving current account payments, inflows of investor deposits at securities firms, and funds from foreign currency bond issuances by public enterprises.”

Yen deposits also rose by $550 million from the previous month to $9.49 billion, driven by factors such as increased currency exchange for travel due to the weak yen. Euro deposits rose by $370 million to $9.53 billion, largely due to receipts from current account transactions.

By sector, corporate foreign currency deposits rose by $13.11 billion from the previous month to $136.6 billion, reflecting the inflow of dollars from major semiconductor exporters. Corporate deposits accounted for approximately 93% of the total increase in foreign currency deposits. Individual foreign currency deposits rose by $980 million to $18.11 billion.