Sejong 'Yeominjeon' Records 23 Billion KRW in Payments Over 3 Months

[Asia Economy (Sejong) Reporter Jeong Il-woong] The local currency Yeominjeon issued by Sejong City has been used for payments totaling 23 billion KRW over the past three months, creating a beneficial effect on the local commercial sector.

According to the city on the 25th, Yeominjeon was launched on March 3rd with an increased issuance scale of 37 billion KRW, up from the initially planned 7 billion KRW. The purpose is to support the flow of funds in the local economy, which has been depressed due to the novel coronavirus disease (COVID-19).

In fact, the monthly sales of Yeominjeon were 6.4 billion KRW in March, 8.8 billion KRW in April, 8.8 billion KRW in May, and 6 billion KRW in June (sold out on May 1st). The payment amounts were 4 billion KRW in March, 11.1 billion KRW in April, and 7.9 billion KRW as of the 22nd of this month, which the city believes has played a role in revitalizing the local commercial sector.

Separately, the city plans to adjust the individual purchase limit from 500,000 KRW to 300,000 KRW starting next month to increase the number of citizens purchasing and using Yeominjeon.

This measure considers that the issuance limit of 8.8 billion KRW for this month sold out on the first day, and the proportion of people who made payments over 300,000 KRW was 38%, while those who paid less than 300,000 KRW was 62% during the March-April payment period. The strategy aims to ensure that the local currency is used evenly among local residents. The cashback event (10% payment) maintained since the launch will also continue until next month.

Since the effect of revitalizing the local economy through Yeominjeon has been confirmed, the city plans to persuade the central government to increase the issuance of local currency and to encourage public institutions and companies to use Yeominjeon through various promotional activities.

Lee Chun-hee, Mayor of Sejong City, said, “The effect of revitalizing the local economy through Yeominjeon has been confirmed. The city will strive to create conditions where more Sejong citizens can use Yeominjeon and thereby enable a virtuous cycle in the local economy.”

This content was produced with the assistance of AI translation services.