February 16, 2017 / 3:04 AM / a year ago

S.Korea Jan FX deposits rise as exporters lift dollar holdings

SEOUL, Feb 16 (Reuters) - South Korea’s foreign exchange bank deposits in January inched up to their highest level in four months as exporters increased their dollar deposits from trade settlements, the central bank said on Thursday.

Foreign exchange bank deposits were at $64.65 billion as of end-January, up $5.74 billion from a month earlier and marking the highest level of deposits since September 2016, according to the Bank of Korea.

Dollar deposits rose $5.57 billion to $55.23 billion for the month, which accounted for 85.4 percent of the total foreign exchange deposits.

Deposits denominated in yen, which accounted for 6.1 percent of foreign currency deposits, fell $280 million to $3.91 billion, the data showed.

South Korean exports rose in January for a third consecutive month and at the fastest pace in nearly five years, according to data from the trade ministry earlier this month.

Reporting by Cynthia Kim; Editing by Sam Holmes

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