S. Koreans' foreign currency deposits shrink in Feb.

SEOUL, March 12 (Yonhap) -- Foreign currency deposits in South Korea decreased in
February as companies withdrew their savings to meet foreign currency needs, the
central bank said Thursday.
Outstanding foreign currency savings by companies and individuals stood at
US$23.82 billion as of the end of February, down $2.22 billion from a month
earlier, the Bank of Korea said in a statement.
The decline came as a weaker local currency promoted exporters to convert their
foreign currency earnings into the won, while importers drew deposits to pay
bills, the BOK said.
The won fell nearly 18 percent against the greenback in the first two months of
this year, compared with the end of 2008.
U.S. dollar deposits shrank by $1.77 billion to $20.3 billion and euro savings
also declined by $400 million to $1.45 billion. Japanese yen-denominated
deposits, however, climbed by $20 million to $1.79 billion, the central bank
said.
pbr@yna.co.kr
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