Outward Funds Flow Is Steady

The elimination two months ago of many restrictions on sending foreign currency abroad has not resulted in any significantly higher overseas remittances.

The Ministry of Finance and Economy said Monday that foreign currency spent overseas for personal use totaled $225 million in February, only a slight increase from January's $201-million figure but is still less than last year's monthly average of $228 million. There were only 11 cases last month of remittances of more than $50,000, which have to be reported to the Bank of Korea. Those remittances totaled $3.23 million, a sharp fall from January's burst of $10.71 million.

Expenses for overseas tourism, at $79 million, fell for the first time since last October. Korean travelers spent $88 million in foreign countries in October and the monthly total had been steadily climbing since then until February's fall.

Koreans spent $48 million in February to emigrate to other countries, more than double the amount from January but on par with last year's monthly average of $49 million.