Mask Hoarding Regulations Extended for 3 More Months Until September 30

On the 7th, as early summer weather continues, customers visiting Emart Traders Starfield Hanam in Hanam-si, Gyeonggi Province are purchasing disposable masks. Photo by Jin-Hyung Kang aymsdream@

[Sejong=Asia Economy Reporter Kim Hyunjung] The Ministry of Economy and Finance announced on the 29th that it will extend the application period of the "Notice on Prohibition of Hoarding of Masks and Hand Sanitizers" by three months, from the current deadline of the 30th of this month to September 30th. This notice was established on February 5th under the Price Stabilization Act to prevent hoarding of masks and other items amid the spread of COVID-19 and to promote market supply.

The notice targets producers and sellers of masks and hand sanitizers and includes regulations necessary for enforcement and investigation, such as criteria for determining hoarding and the operation of a hoarding report center. For example, for businesses operating since before January 1, 2019, hoarding is defined as storing more than 150% of the average monthly sales from January 1, 2019, to December 31, 2019, for more than five days as of the investigation date.

The Ministry of Economy and Finance explained, "Although supply conditions have improved with a significant increase in mask production and price stabilization following the implementation of the public mask system, the possibility of anti-market behaviors such as hoarding still exists as the COVID-19 situation has not ended."

The government plans to strengthen enforcement against hoarding through close cooperation among related agencies and to promote tougher penalties for violations of the hoarding prohibition by amending the Price Stabilization Act. Currently, the Ministry of Food and Drug Safety and each city and province operate hoarding report centers and have detected a total of 54 violations of the hoarding prohibition notice. Under Article 26 of the Price Stabilization Act, those who engage in hoarding may face imprisonment of up to two years or a fine of up to 50 million won.

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