Mask Hoarding Ban Period Extended Until March Next Year

Strengthened Penalties for Hoarding and Emergency Supply Adjustment Violations... Fines Up to 100 Million KRW

Hand sanitizer is provided at Mangwon Market in Mapo-gu, Seoul, about fifteen days before the Chuseok holiday./Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Jang Sehee] The prohibition period on hoarding masks and hand sanitizers due to the spread of the novel coronavirus infection (COVID-19) has been extended by three months.

On the 30th, the Ministry of Economy and Finance announced that through the revision of the "Notice on Prohibition of Hoarding Masks and Hand Sanitizers," the effective period of the hoarding prohibition will be extended from the end of this year to the end of March 2021.

Additionally, considering the significant increase in mask production and sales this year, the criteria for judging hoarding activities have been adjusted from 2019 sales volume to 2020 sales volume. Accordingly, if more than 150% of the average monthly sales volume this year is stored for more than five days, it will be considered hoarding.

Penalties for violations of hoarding and emergency supply adjustment measures have also been strengthened.

The current regulation of imprisonment for up to two years or a fine of up to 50 million KRW has been increased to imprisonment for up to three years or a fine of up to 100 million KRW, and provisions for confiscation and seizure of hoarded goods have been newly established.

Meanwhile, the Ministry of Economy and Finance explained that "efforts to protect good-faith producers and sellers will also be strengthened."

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