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SK Current Account

S Korea's May current account swings to surplus

SEOUL - South Korea's current account swung to a seasonally adjusted surplus of US$147 million in May from a revised US$383 million deficit in April, central bank data showed on Friday.

For the first five months of the year, the current account produced a seasonally-adjusted deficit of US$924 million, compared to a US$1.07 billion surplus for the same period in 2006, the Bank of Korea data showed.

The data also showed that South Korea's overseas borrowing rose by a net US$3.73 billion in May after a revised gain of a net US$2.19 billion in April.

Of the total, banks' short-term borrowing in foreign currency rose by a net US$2.93 billion in May after a US$1.27 billion gain in April, the data showed.

South Korean policy makers have expressed worries over a surge in short-term foreign currency borrowing, calling for stronger monitoring of such loans. -- REUTERS