Korea FX Deposits Slide by Record as Weak Won Spurs Conversions

South Korea’s foreign-currency deposits fell by a record in March as a weaker won prompted companies to convert holdings into local currency.

Foreign currency deposits held by residents — including local firms, foreigners that have resided in Korea for over six months and overseas companies operating in Korea — decreased by $15.4 billion to $102.2 billion at the end of March from the previous month, Bank of Korea data showed Wednesday. Corporate accounts made up the bulk of the decline.