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- Bahrain All Share Index closes lower
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27/05/2012 07:26 AST
According to central bank, South Korea's external debt rose to a record high in the first quarter mainly due to overseas investors buying local bonds and banks' foreign borrowing.
According to a report by the Bank of Korea, the country's external debt totaled USD 411.4 billion as of the end of March, up USD 13 billion from the previous quarter. The country held USD 275.1 billion in long term foreign debt, with short term debt totaling USD 136.3 billion.
The size of South Korea's debt is not a source of concern, however, the bank added, because of the country's overall size and its trade-oriented economic structure.
The report said that the increase was caused mostly by long term debt that rose by USD 12.8 billion in the cited period, while short term debt due to mature in less than a year edged up by just USD 200 million.
The central bank said that "Foreign investors purchasing USD 10.8 billion in domestic bonds played a part in the increase, while measures taken by South Korean lenders to stockpile foreign liquidity in the face of persistent eurozone woes also contributed to the increase/"
Reflecting this, short-term debt made up 33.1% of all debt, down from 34.2% for the fourth quarter of 2011. Short term debt also equaled 43.1% of the money the country has set aside to handle payments, which is a decrease from 44.4% tallied at the end of last year.
Steelguru
| Ticker | Price | Volume |
|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
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Saudi Arabia