South Korea’s External Debt Unchanged in Q2 According to BOK

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SEOUL, Aug. 23 (Yonhap) — The Bank of Korea’s (BOK) preliminary data showed that South Korea’s external debt stayed the same in the second quarter of this year, despite the economic uncertainty.

At the end of June, the country’s total external liabilities were recorded at $665.1 billion, the same as the figure from three months prior. This can be attributed to the government’s long-term external borrowing, which offset the drop in short-term debt of banks.

The short-term debt with a maturity of one year decreased by $11.8 billion quarter-on-quarter to $161.9 billion, while the long-term debt rose by $11.9 billion in the same period to $503.2 billion.

The ratio of short-term debt to foreign reserves was 38.4 percent, 2.4 percentage points lower than the previous quarter. This implies a stronger capability to service the debt.

The ratio of short-term debt to the total external liabilities also went down by 1.8 percentage points to 24.3 percent.

A clerk sorts US$100 banknotes at the headquarters of Hana Bank in Seoul in this file photo taken June 5, 2023. (Yonhap)

sam@yna.co.kr
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