Dollar deposits held by South Korean residents climbed to a record high as companies took in foreign currency and buyers moved early to secure dollars while the won was stronger against the U.S. currency.
Dollar deposits at domestic foreign exchange banks stood at $108.92 billion at the end of July, up $11.12 billion from a month earlier, according to Bank of Korea data on resident foreign currency deposits for July 2026. That is the highest level since the central bank began compiling the data.
Total resident foreign currency deposits reached $128.34 billion at the end of July, up $15.01 billion from the previous month. The rise in dollar deposits drove the overall increase.
Behind the growth was a push to accumulate dollars while the exchange rate was lower.
The BOK cited receipts of current account payments by large companies, inflows from foreign currency bond issuance and customer deposits at securities firms, and early dollar buying as the won firmed against the dollar.
The won-dollar rate fell to 1,424.0 won at the end of July from 1,549.4 won at the end of June. Companies and financial institutions appear to have moved to secure dollars as the rate declined.
Corporate deposits totaled $112.56 billion at the end of July, up $13.57 billion in a month. Of that, corporate dollar deposits came to $95.69 billion, an increase of $10.11 billion from the previous month.
Individual deposits also rose. Foreign currency deposits held by individuals stood at $15.77 billion, up $1.44 billion from a month earlier.
