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A lot or Koreans are Getting Out.
Capital Flight Moving Faster, Survey Finds by Kim Young-jin (hellojin@chosun.com) Signs of capital flight have loomed larger recently, as overseas transfers of funds and expenses have shot up, and more ethnic Koreans overseas are taking out their financial reserves held in Korea. There are some Koreans that have a little bit of sense According to a survey conducted by the Chosun Ilbo, the amount of "donation-style" fund transfers overseas from seven commercial banks in the first eight months of this year reached US$3.27 billion, approaching the US$3.74 billion in similar overseas transfers throughout last year. We are not quite ready to bow down to Lil Kimmmmeeee A donation-type fund transfer refers to money sent overseas by Korean residents for living expenses or for housing purchases for family members living overseas. The survey showed that the amount of donation-type fund transfers has increased sharply, from US$1.1 billion in 2000 to US$2.23 billion in 2001. In addition, Koreans took out a total of US$417 million for their relocation abroad during the eight-month period, far surpassing the US$498 million in relocation funds taken out last year. Lil Kimeee with the Poof Hair is coming A bank official said that on top of the snowballing money transfers abroad, a greater number of company workers in their late 30s have been immigrating overseas, taking a lot of relocation funds with them. We are not all totally stupid Posted by: Michael 2003-09-30 |
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