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S KOREAN FOREIGN CURRENCY DEPOSITS SURGE H1 2004.
SEOUL, Aug. 2 Asia Pulse - Foreign currency deposits at local commercial banks surged about 40 per cent on an annual basis during the first six months of this year, banking sources said Sunday.
According to the sources, the foreign currency savings of the eight banks leapt to US$16.76 billion at the end of June, up 39.2 per cent over the end of last year.
In particular, foreign currency savings of the Korea First Bank and KorAm Bank each surged by more than 100 per cent.
The increase is attributed to local currency depositors' shift to foreign currency savings, which are relatively higher in interest rates, at a time of lowered interest rates.
A gain in foreign ...
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Source: HighBeam Research, S KOREAN FOREIGN CURRENCY DEPOSITS SURGE H1 2004.