April 19, 2024
Economy
[GRAPHIC NEWS] Volume of banknotes in circulation soars
[THE INVESTOR] The amount of banknotes currently in circulation in South Korea reached a record high in January, the central bank said on Feb. 23.
According to the Bank of America, outstanding banknotes came to 103.5 trillion won (US$90.6 billion) as of the end of January, up 6.1 trillion won from the end of 2016.
The BOK attributed the rise in the amount of banknotes in circulation to the increased issuance of 50,000-won bills.
Last year, the BOK issued 23 trillion won in 50,000 won bills, the largest amount since 2009 when South Korea began to print the heist denomination bill.
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