South Koreans' overseas credit card spending rose to a record high in the first quarter as the economic recovery and the local currency's ascent increased the number of outbound travelers, the central bank said Wednesday.

   Overseas credit card bills totaled US$2 billion in the January-March period, up 2.5 percent from three months earlier, according to the Bank of Korea (BOK).

   The Korean won gained 3.5 percent to the dollar in the first quarter compared with the preceding quarter. In the cited period, the local economy grew 1.4 percent, faster than 0.5 percent expansion in the fourth quarter of 2010.

   The number of credit card users jumped 7.5 percent on-year to 3.97 million while South Koreans spent an average of $504 in credit overseas, down 4.6 percent from three months ago.

Source: Yonhap News (June 1, 2011)