Bank of Korea to Supply 4.7 Trillion Won in Currency Before Seollal... 11.1% Increase YoY

Five days before the Lunar New Year holiday, cash transportation personnel are working on the release of funds for the Lunar New Year to be supplied to commercial banks at the Bank of Korea headquarters in Jung-gu, Seoul. Photo by Joint Press Corps

Before this year's Lunar New Year holiday, the Bank of Korea's money supply increased compared to the previous year.

According to the '2024 Pre-Lunar New Year Money Supply Performance' announced by the Bank of Korea on the 8th, the amount of money supplied to financial institutions by the Bank of Korea during the 10 business days before the Lunar New Year holiday (January 26 to February 8) was 4.7 trillion won. This figure represents an 11.1% increase compared to the same period last year. The supplied money refers to the net issuance amount, which is the issuance amount minus the amount withdrawn.

This year, the Bank of Korea's issuance amount was 4.8008 trillion won, an increase of 2.9% from the previous year. The withdrawal amount was 146.2 billion won, a decrease of 69.2% from the previous year.

The issuance amount typically increases temporarily at the end of the year due to higher demand and is withdrawn again at the beginning of the year.

An official from the Bank of Korea explained the money supply, stating, "This year, the Lunar New Year holiday was delayed to February, which reduced the scale of withdrawals."