Pohang City Sells Local Currency with 'Odd-Even System'... 300 Billion KRW This Year, the Largest Nationwide

Paper Type 500,000 KRW, Card Type 200,000 KRW, Personal Limit 700,000 KRW per Month, 10% Discount Benefit

From the left, Kim Jae-dong, Chairman of the Pohang Chamber of Commerce and Industry; Jeong Hae-jong, Chairman of the Pohang City Council; Lee Kang-deok, Mayor of Pohang; Park Seong-hee, Head of the Daegu Bank East Sea Headquarters.

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Pohang City announced that starting from the 18th, it will apply an odd-even system based on the last digit of the birth year for the sale of local currency to prevent COVID-19.

On that day, at Daegu Bank Pohang Branch, Mayor Lee Kang-deok of Pohang, Chairman Jeong Hae-jong of the Pohang City Council, Chairman Kim Jae-dong of the Pohang Chamber of Commerce, and Park Seong-hee, Head of Daegu Bank's East Sea Headquarters, participated as daily sales agents, marking a strong start to revitalizing the local economy.

As part of overcoming COVID-19 and recovering the local economy, Pohang City is conducting a special 10% discount event on the Local Love Gift Certificates ahead of the Lunar New Year holiday. This event will automatically end once the issuance amount of 50 billion KRW is exhausted. However, the Pohang Love Card will continue to be sold at a 10% discount throughout the year.

Pohang City, boasting the largest scale of gift certificate issuance nationwide, expanded the issuance of both paper and card-type gift certificates this year according to buyers' preferences.

Combining 500,000 KRW in paper type and 200,000 KRW in card type, a personal limit of up to 700,000 KRW per month (within 6 million KRW annually) is provided with a 10% discount benefit. Gift certificates can be purchased at 162 financial institutions located in Pohang City.

There are also about 16,000 affiliated stores. Consumers have shown great enthusiasm as the gift certificates can be used not only for purchasing daily necessities, agricultural products, and industrial goods but also for paying for academy tuition and leisure activities.

Mayor Lee Kang-deok of Pohang stated, "This year, to restore the depressed consumer sentiment and establish a self-reliance foundation for small business owners, we will continue to expand the year-round 10% special discount event for Pohang Love Gift Certificates, and at the same time, we will make every effort to revitalize local currency as a preemptive response to the crisis in the low-income economy and to revive Pohang's economy."

Meanwhile, the cumulative issuance amount of Pohang Love Gift Certificates over the past four years has reached 900 billion KRW. Pohang City plans to issue an additional 300 billion KRW this year, expecting a significant synergy effect in recovering the sluggish economy.

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