Remittances of funds to South Korea from Koreans living in foreign countries hit a more than 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 $768.5 million in August, up 24.6 percent from the previous month, according to the Bank of Korea.
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. (Yonhap News)
