Sangju City Issues Local Currency Worth 10 Billion Won... Ulleungdo Only Unissued Area in Gyeongbuk

Uljin County Plans 3 Billion Won Issuance on August 3
10% Discount... Ulleung County Still Unprepared

A panoramic view of Sangju City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Sangju City, Gyeongbuk Province (Mayor Kang Young-seok) introduced its local love gift certificates (local currency) in two types, paper and card, for the first time on the 27th.

According to Gyeongbuk Province on the 26th, the issuance scale this year is 3 billion KRW for paper type and 7 billion KRW for card type, totaling 10 billion KRW. Sangju City plans to actively encourage local residents to purchase through a 10% special discount event until the end of the year.

The local love gift certificates can be purchased or issued at Daegu Bank, NongHyup, Saemaeul Geumgo, and other places within Sangju City. Sangju City, which has been preparing to issue local currency since the enactment of related ordinances in September last year, is known to have secured about 2,000 affiliated stores in the region so far.

The gift certificates can be used at affiliated stores within Sangju City or any business with IC card terminals installed. However, usage is restricted in some sectors such as large stores, gambling industries, and entertainment bars.

Following Sangju City, Uljin County also plans to issue local love gift certificates worth 3 billion KRW on August 3rd. With Uljin County participating in issuing local currency, only Ulleung County remains as the unissued area among the 23 cities and counties in Gyeongbuk Province. Ulleung County has not set a specific schedule yet, making issuance this year difficult.

The government supports 8% of the 10% special discount amount to 17 metropolitan cities and provinces and 243 local governments nationwide until the end of this year. The remaining 2% is shared between metropolitan and local governments at a 3:7 ratio. Among the 243 local governments nationwide, only three regions, including Ulleung County, have not yet prepared local currency.

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