Gimcheon Drives Livelihood Recovery with Local Currency

Selected as Outstanding Local Government in Ministry of the Interior and Safety’s “Local Love Gift Certificate” Evaluation
Secures 200 Million Won in Special Grants

Gimcheon City is emerging as a leading example of economic recovery for local livelihoods, thanks to the success of its local currency policy.

Gimcheon City Did Well in ‘Issuing Local Currency.’ Secured 200 Million Won in Special Grants from the Ministry of the Interior and Safety

Gimcheon City announced that it has been selected as an outstanding local government in the "Local Love Gift Certificate Issuance and Operation Evaluation" conducted by the Ministry of the Interior and Safety, securing a special grant of 200 million won. This achievement follows its earlier selection as an exemplary local government in the execution of the "Livelihood Recovery Consumption Coupon" program, through which it secured a special grant of 100 million won, marking consecutive government incentives.

This evaluation targeted 192 local governments across the country that issue local love gift certificates, comprehensively reflecting factors such as efforts to issue the certificates through their own budgets, performance in executing national funds, and contributions to revitalizing the local economy.

Among these, Gimcheon City was recognized as one of the top 79 outstanding local governments nationwide, officially acknowledging its competence in operating local currency programs.

In particular, Gimcheon City received high marks for proactively allocating city funds to significantly expand the issuance of local currency even before receiving national support. This year, the issuance of Gimcheon Love Gift Certificates increased by 24.2 billion won compared to last year, reaching a total of 107.3 billion won, serving as a practical catalyst for revitalizing neighborhood commercial districts through increased consumption.

The special 18% discount sale on Gimcheon Love Gift Certificates, which began on December 1, has also seen rapid sales thanks to strong citizen response, and the city anticipates that the budget will be exhausted quickly due to the significant perceived impact.

Having previously secured a special grant of 100 million won as an exemplary local government in the Ministry of the Interior and Safety's "Livelihood Recovery Consumption Coupon" program, Gimcheon City has now obtained an additional incentive of 200 million won through this local currency evaluation, achieving the distinction of securing special grants twice in a row. This demonstrates that the city's policy for the local economy is not a one-off measure, but one recognized by the central government for both its effective implementation and tangible results.

A Gimcheon City official stated, "We plan to reinvest the secured special grants in areas that have the greatest impact on the recovery of local businesses and small merchants," adding, "We will further strengthen the virtuous cycle of consumption centered on local currency to enhance the resilience of the local economy."

Gimcheon City's efforts to implement local currency as a practical livelihood policy are drawing attention as a new standard for local government fiscal management and local economic revitalization.