Siheung City Expands Local Currency Purchase Limit from 300,000 to 800,000 Won

Incentive Rate Raised from 6% to 7%

On July 1, Siheung City in Gyeonggi Province announced that it would increase the discount rate for its local currency, 'Siru', from 6% to 7%, and raise the monthly discounted purchase limit from 300,000 won to 800,000 won, effective immediately.

Mobile 'Siru', the local currency of Siheung City. Provided by Siheung City

This measure is being implemented in response to the central government's expansion of national funding support for local currencies. The city will allocate a total of 10 billion won, combining national and provincial subsidies with its own budget, following the government's increase in local currency support through the first supplementary budget.

This special discount will remain in effect until the allocated budget is exhausted. Users of Siru will be eligible for a maximum monthly discount benefit of 56,000 won if they purchase up to the 800,000 won limit.

The city expects that this special discount will help small business owners in local commercial districts and citizens who are struggling due to the economic downturn.