Overseas Students Feel Pinch

The Bank of Korea said Sunday that foreign currency remittances to Korean students abroad had plunged this year.

A total of $81.5 million was sent to Koreans studying overseas in the first two months of this year, $48.7 million in January and $32.8 million in February, 50 percent of the $162.8 million sent in the same period last year, the central bank said.

The reduction can be attributed to the weakening of the won against the dollar and the slowing local economy. The value of the local currency ranged between 1,250-1,280 won per dollar in January and February this year, compared with 1,120-1,130 won during the same two months in 2000.

"As the won has weakened further since March," an official at the bank said, "total foreign currency remittances to students will probably remain lower this year than they were last year."