S.Korea’s foreign currency trading hits record high in 2021

Seoul : This file photo shows A Hana Bank official in Seoul inspecting US banknotes before their release into the local financial market.

Seoul, (Asian independent) South Korea’s foreign currency trading hit a record high last year owing to the expanded trade and increased investment in securities, central bank data showed on Wednesday.

The daily average trading of foreign currencies and foreign exchange derivatives, made by foreign exchange banks, came in at $58.3 billion in 2021, up 10.3 per cent from the previous year, according to the Bank of Korea (BOK).

It has marked the highest since data began to be compiled in 2008. The record transaction was attributed to the growth in export and import and the increased investment in stocks and bonds by residents and foreigners, Xinhua news agency reported.

The daily average transaction of foreign currencies advanced 11.8 per cent over the year to 22.71 billion dollars last year, while the trading for foreign exchange derivatives rose 9.4 per cent to 35.59 billion dollars.

The trading by local banks gained 4.9 per cent to $25.97 billion, and the transaction by domestic branches of foreign banks picked up 15.2 per cent to $32.33.