Koreans` Q4 overseas card spending dips on currency woes

SEOUL, Feb. 25 (Yonhap) -- South Koreans' credit card spending overseas plunged
last quarter from a year earlier as fewer people traveled abroad due to a weak
local currency and an economic slowdown, the central bank said Wednesday.
Overseas credit-card spending dropped 27.6 percent on-year to US$1.3 billion in
the October-December period, the first drop since the third quarter of 2003, the
Bank of Korea (BOK) said.
"The drop comes as fewer Koreans made overseas trips due to the won's weakness
and an economic slump," a bank official said.
The won fell 25.7 percent against the greenback last year as foreign investors
cut holdings of local assets due to the global financial rout.
Overseas card spending for the whole of 2008, however, rose 7 percent on-year to
$6.8 billion as more travelers used plastic to pay their bills, according to the
BOK.
The number of overseas credit-card users fell 14.7 percent to 2.04 million last
quarter, with the average bill declining 15.2 percent to $619, the BOK said.
pbr@yna.co.kr
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