S.Korea end-June short-term FX debt hits 6-1/2-yr low
SEOUL Aug 21 (Reuters) - South Korea's short-term external debt edged down to $119.6 billion by the end of June from $122.2 billion three months before, data showed on Wednesday, falling for a fourth consecutive quarter to the smallest since the end of 2006.
The ratio of short-term external debt to the country's foreign reserves also fell to 36.6 percent at the end of June from 37.3 percent at the end of March, the Bank of Korea data showed, setting the lowest since the end of March 2006.
The ratio has fallen considerably since the middle of 2008, when it stood close to 80 percent, as a result of government efforts to lessen the heavy reliance by Asia's fourth-largest economy on short-term borrowings overseas.
In contrast, South Korea's total external debt grew to $411.8 billion at the end of June this year from $410.3 billion three months before, the data showed.
The ratio of short-term external debt to total external debt owed by South Korea ticked down to 29.1 percent at the end of June from a revised 29.8 percent at the end of March. (Reporting by Christine Kim; Editing by Choonsik Yoo)