Foreign currency deposits held by residents in South Korea fell by US$2.16 billion in November from a month earlier, amounting to US$22.15 billion, the Bank of Korea (BOK) said today.

The central bank attributed the drop to the decline of export earnings.

South Korean exports, which account for about 60 percent of the country's economy, declined 18.3 percent in November from a year ago amid ongoing global recession, posting the biggest drop in seven years, the BOK said.

US dollar-denominated savings fell by US$2.03 billion last month to US$18.58 billion while euro-denominated deposits decreased by US$450 million to US$36 billion, the BOK said.

Meanwhile Japanese yen-denominated savings gained US$300 million month to US$1.86 billion during the same period, it added.