Chungnam Issues 378.7 Billion KRW in Local Currency in First Half... Annual Target Achieved Early

[Asia Economy (Naepo) Reporter Jeong Il-woong] This year, Chungnam Province's annual regional currency issuance target has already been exceeded in the first half of the year.

According to the province on the 14th, the 15 cities and counties in the area issued a total of 378.7 billion KRW by the end of last month. This amount is 45.88 billion KRW more than the annual target issuance amount of 332.82 billion KRW.

By city and county, the regional currency issuance amount was highest in Cheonan at 55.555 billion KRW, followed by Seosan with 50 billion KRW, Asan with 46.064 billion KRW, Buyeo with 43.184 billion KRW, and Seocheon with 23.3 billion KRW.

The sales amount was recorded at 286.391 billion KRW, with Cheonan at 55.555 billion KRW, Buyeo at 43.184 billion KRW, Seosan at 32.987 billion KRW, Asan at 24.592 billion KRW, and Gongju at 19.321 billion KRW.

The number of regional currency affiliated stores across Chungnam is 82,581, representing about 87% of the total target stores (94,199). By city and county, the distribution of affiliated stores and affiliation rates are Cheonan with 46,472 stores (100%), Asan with 6,369 stores (74%), Seosan with 4,387 stores (87%), Nonsan with 3,259 stores (93%), and Taean with 3,004 stores (91%).

Regional currency is a payment method issued and used only within the region. Since last year, the province has introduced and operated regional currency with the purpose of increasing sales for small business owners, promoting consumption within the region to prevent income outflow, and establishing a virtuous cycle system for the local economy.

A provincial official stated, “It is analyzed that the virtuous cycle system for the local economy envisioned by the province is taking root in the field through regional currency,” and added, “The province believes that the popularity of regional currency is due to the discount benefits provided when purchasing the currency and the consensus among local residents on the virtuous cycle of the local economy.”