Icheon to Raise Local Currency Recharge Limit from 700,000 to 1 Million Won in July and August

Incentive Rate Raised from 6% to 7%

In an effort to revitalize the local economy and support small business owners, the city of Icheon in Gyeonggi Province will raise both the recharge limit and the incentive rate for its local currency, "Icheon Sarang Local Currency," for two months in July and August.

During this period, the recharge limit for the local currency will be increased from 700,000 won to 1 million won, and the incentive rate will be raised from 6% to 7%. To support this, the city has allocated a total budget of 6.8 billion won, consisting of 1.9 billion won from the national government, 1.9 billion won from the provincial government, and 2.9 billion won from the city government.

The city is also promoting an event to encourage local currency spending. Until August 8, a policy subsidy of 10,000 won per person will be provided to dormant users of the local currency. In August, the city plans to launch a consumption support fund event to further stimulate local spending.

Kim Kyunghee, Mayor of Icheon, stated, "By increasing the incentive rate, we aim to further encourage citizens to use the local currency and boost local consumption," adding, "We will continue to pursue practical support policies that local small business owners and citizens can truly feel."