Expecting a Boost for Local Businesses with the Introduction of Consumption Incentives
Positive Outlook for the Local Economy During the Summer Vacation Season
Buyeo County in South Chungcheong Province has significantly raised the monthly purchase limit for its local currency, "Goodtrae Pay," from 700,000 won to 1 million won, and has also expanded the discount rate from the previous 10% to 15%.
According to the county on July 7, this policy was implemented in earnest starting July 4. The measure aims to reduce the financial burden on residents and boost local consumption power by securing national funding.
In particular, the county expects to further stimulate local spending by providing an additional 5% consumption incentive on top of the existing 10% recharge incentive.
The county anticipates that these changes will inject positive energy into the local commercial sector ahead of the summer vacation period and various regional festival seasons.
Even in the first half of the year, when there was no national funding, the county supported the local economy by using its own budget to stably manage the purchase limit and incentives for Goodtrae Pay, actively assisting local businesses struggling with sluggish domestic demand.
A county official stated, "In addition to this expansion, we plan to implement a variety of policies to increase the use of local currency by taking advantage of the unique characteristics of each period, such as regional festivals and holidays in the second half of the year," adding, "We will do our utmost to devise measures that can truly revitalize the local economy in ways residents can feel."
Meanwhile, since its launch in 2019, Buyeo County's local currency Goodtrae Pay has established itself as a key means of circulation for the local economy, recording a cumulative issuance amount of 513.3 billion won, a circulation amount of 571.5 billion won, and a recirculation amount of 59 billion won to date.
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