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| TITLE |
[Korea]_Overseas transfers top $2 billion in 2007 |
| WRITER |
administrator |
DATE |
2007-11-07 08:56:55 |
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Overseas transfers top $2 billion in 2007
Korean nationals have transferred more than 2.1 trillion won overseas in personal assets because of the strengthening local currency against the U.S. dollar so far this year, central bank data showed.
Fund transfers by immigrating nationals and offshore transfers of personal wealth both totaled $2.17 billion from January to September this year, the Bank of Korea said.
The won\'s gains have made local trading companies uneasy, as a stronger won makes Korean goods more expensive overseas and thus erodes their earnings. But for private individuals and households here, a stronger won is a good chance to purchase U.S. goods and spend dollars overseas.
The won breached the 900 won level against the greenback for the first time in 10 years last Wednesday.
The Bank of Korea\'s balance of international payments record shows that in 2000 asset transfers abroad totaled $694 million and continued to climb as the figure hit $1 billion in 2002 and jumped to $1.8 billion in 2004 when the won averaged 1,144.70. In 2005, the total surged to $2.4 billion and to $3.1 billion last year.
Those nationals who removed all their remaining personal assets from Korea to their new home base offshore totaled $1.8 billion during the first nine months of 2007, a 4.7 percent decline from a year ago.
The Bank of Korea attributed the rise in wealth transfers overseas to a growing number of Korean nationals moving abroad and to the won\'s gains, which make overseas purchases cheaper.
Source: www.eucck.org |
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