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Overseas Koreans' remittances hit over 2-year high in Aug.
제목 없음 Remittances of funds to South Korea from Koreans living in foreign countries hit an over two-year high in August as the local currency's sharp weakness prompted them to accelerate money transfers, data showed Tuesday.

   Total funds flowing from Korean residents overseas to local people reached US$768.5 million in August, up 24.6 percent from the previous month, according to the Bank of Korea (BOK).

   The August reading marked the largest amount since such monetary inflows amounted to $854.8 million in March 2009, it added. The growth rate was the sharpest since a 42.9 percent on-month expansion in December 2009.

   But in the cited period, remittances from locals to foreign residents fell 13.7 percent on-month to $777 million.

   The August decline was the steepest since such money transfers fell 20 percent in May, the BOK noted.

   The data came as the Korean currency depreciated 1.45 percent to the dollar in August, compared with a month earlier, hit by dimmer global economic outlooks and the eurozone debt crisis. In September, the Korean unit fell an average of 4.54 percent to the greenback.

Source: Yonhap News (Oct. 4, 2011)

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