Additional 140 Billion Won to Be Supplied in the Second Half of the Year
A Catalyst for Reviving Consumer Sentiment and Boosting the Local Economy
Andong City in North Gyeongsang Province is significantly expanding its local currency policy to revitalize the regional economy.
Gyeongbuk Andong Sarang Gift Certificates will be issued on an expanded scale of 190 billion won, the largest ever.
On June 29, Andong City announced that it will issue Andong Sarang Gift Certificates on an unprecedented scale of 190 billion won in 2025, marking the largest issuance ever. With this, the city is taking full-fledged measures to boost the local economy in response to the economic downturn and shrinking consumption.
Andong City plans to issue an additional 140 billion won worth of gift certificates in the second half of this year. Combined with the 50 billion won issued in the first half, the total annual issuance will reach 190 billion won, the highest since the introduction of the Andong Sarang Gift Certificate system.
The issuance will consist of 58.2 billion won in paper certificates and 135.8 billion won in mobile certificates. It is expected that approximately 70,000 citizens will be able to purchase and use the gift certificates each month. The city aims to stimulate local consumption and increase sales for small businesses through these measures.
◆ Increased Purchase Limits and Enhanced Summer Promotion Benefits
The city will also expand user convenience and tangible benefits for citizens. The monthly purchase limit per person will be raised to 300,000 won for paper certificates and 400,000 won for mobile certificates. This adjustment reflects citizens’ feedback that the previous limits were insufficient, and is expected to encourage greater use among actual consumers.
To mark the summer season, a special promotion will be held for mobile gift certificate users during July and August. During this period, users of mobile Andong Sarang Gift Certificates will receive an additional 10% cashback on top of the existing 10% discount, with a maximum monthly cashback of 40,000 won.
The cashback will be automatically credited to the mobile gift certificate, and will expire if not used by December 31, 2025.
◆ Securing 9.4 Billion Won in National and Provincial Funds, Additional Financial Support Planned
Andong City has secured 9.4 billion won in national and provincial funding for this expanded issuance and plans to actively seek additional national funds after the second supplementary budget. This policy is being recognized as one that maintains fiscal soundness while providing substantial support to the local economy.
Gift certificates can be purchased as follows: paper certificates are available at 44 designated sales agencies within the city, while mobile certificates can be purchased from 10 a.m. on the first day of each month via the 'Local Gift Certificate chak' application.
Andong Mayor Kwon Ki-chang stated, "The large-scale issuance and promotions for the Andong Sarang Gift Certificates will serve as a clear turning point for boosting local consumption and protecting small businesses," adding, "I hope citizens will actively use the gift certificates and join in fostering a consumer culture that grows together with the local business community."
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