Alexa

South Korean central bank to issue bigger bank notes for first time in over 30 years

South Korean central bank to issue bigger bank notes for first time in over 30 years

The Bank of Korea said Wednesday that it plans to issue bank notes in larger denominations for the first time in more than three decades to match price and income changes in South Korea's economy.
The central bank currently prints notes in denominations of 10,000 won (US$(US$11; euro8), 5,000 won (US$5; euro4) and 1,000 won (US$1; euro80 cents), and will continue to do so.
In a statement the bank said it will issue notes in denominations of 50,000 won (US$54; euro40) and 100,000 won (US$108; euro79), possibly by the first half of 2009.
"Since the introduction of the 10,000 won note in 1973, prices have risen (by) 12 times, while the nation's income has so far increased more than 150 times," the central bank said in a statement.
The plan is also aimed at reducing the costs of issuing checks, which in South Korea come in preprinted amounts, and preventing counterfeiting, the bank said.


Updated : 2020-12-04 10:56 GMT+08:00