On the morning of the 24th, New Year's funds were being disbursed at the Gangnam Headquarters of the Bank of Korea in Gangnam-gu, Seoul. [Image source=Yonhap News]
Before this year's Lunar New Year holiday, the Bank of Korea supplied 9.4% more currency to financial institutions compared to last year.
The Bank of Korea announced on the 28th that the total currency supplied to financial institutions from the 17th to the 28th (business days) amounted to 5.1533 trillion won, an increase of approximately 444.9 billion won (9.4%) compared to the same period last year.
The net currency issuance amount is the amount issued minus the amount withdrawn. This year, the issuance amount was 5.4127 trillion won, an 8.4% increase from the previous year, while the withdrawal amount was 259.4 billion won, a 9.1% decrease.
The Bank of Korea explained that the increase in currency supply compared to the previous year was due to the Lunar New Year holiday period extending from 4 to 5 days, combined with the demand for companies' salary payments (on the 25th) and Lunar New Year bonuses.
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