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South Korea's net foreign credit hits record high at $383.5 billion

Staff Writer |
South Korea's net foreign credit hit a new record high, topping $380 billion for the first time, central bank data showed.

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Net foreign credit, which means subtracting foreign debts from external credit, reached a fresh high of $383.5 billion as of end-September, up $25.7 billion from three months earlier, according to the Bank of Korea (BOK).

External credit, which reflects money to receive from abroad, increased $34.3 billion from three months earlier to 783.9 billion dollars as of end-September.

Foreign debts, which mean money to repay to foreign residents, gained $8.6 billion to $400.4 billion in the same period.

Healthiness of foreign debts worsened slightly. Foreign debts that mature in less than a year increased $5 billion to $111.8 billion. The portion of foreign debts to combined external liabilities was 27.9 percent, up 0.7 percentage points from three months ago.

The finance ministry said that though short-term foreign debts increased, overall situations of external liabilities remained sound, vowing to maintain the healthiness of foreign debts.

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