Seoul, Apr 18 (IANS): South Korean banks' foreign borrowing growth slowed last month as local lenders borrowed less loans from overseas amid easing external uncertainties, a financial watchdog said Wednesday.

The rollover rate of long-term external debts with a maturity of one year or more at 12 domestic banks, excluding regional banks, reached 113.4 percent in March, according to the Financial Supervisory Service (FSS).

The rollover rate gauges the percentage of fresh borrowing from overseas against foreign debts that mature in more than one year. The rate above 100 percent means local lenders refinanced their maturing debts rather than repaying them, reported Xinhua.

The March figure was lower compared with 267.6 percent in February and 382.2 percent in January. Domestic banks continued to reduce their foreign borrowing this year as they secured foreign liquidity earlier in preparation for the potential external uncertainties.

Market concerns over the European debt crisis eased after Greece agreed on debt swap deals, the FSS said, adding that foreign currency funding conditions for local lenders showed stable picture recently.