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South Korea Q2 short-term external debt burden rises vs Q1

Pedestrians cross a road in front of the Bank of Korea headquarters in Seoul, South Korea.

[SEOUL] South Korea's ratio of short-term external debt to foreign exchange reserves edged up during the second quarter to the highest in nine months as debt rose faster than reserves, central bank data showed on Tuesday.

The ratio rose to 32.3 per cent by the end of June from 31.1 per cent ratio at the end of March, data from the Bank of Korea showed, the highest level since the end of September last year but still well below past levels.

South Korea's short-term external debt rose to US$121.2 billion by the end of June from US$112.8 billion three months earlier, while foreign reserves increased to US$374.8 billion from US$362.8 billion over the same period.

Total external debt owed by South Korea rose slightly to US$420.6 billion by the end of June from US$418.9 billion at the end of March, the data showed.