S Korea's foreign currency savings drop in June

The foreign currency savings of residents in South Korea fell by 2.24 billion U.S. dollars in Juneon-month mainly due to firms withdrawing deposits to cover their import bills, the South Korean central bank said Tuesday.
According to the Bank of Korea (BOK), outstanding foreign currency deposits by resident stood at 19.3 billion U.S. dollars as of the end of June, down from 21.5 billion U.S. dollars in May.
"Despite a rise in exporters' deposits, the country's foreign currency savings declined mainly because companies including oil refiners withdrew deposits to cover oil costs and to repay overseas borrowing" the BOK said in a statement.
U.S. dollars savings amounted to 15.7 billion U.S. dollars, down 1.9 billion U.S. dollars and euro savings fell by 300 million U.S. dollars to 1.53 billion U.S. dollars while Japanese yen-denominated deposits stood unchanged at 1.75 billion U.S. dollars, the BOK added.