Gyeongnam Province to Release Additional 15 Billion KRW Worth of 'Gyeongnam Sarang Gift Certificates' on April 1
Monthly Issuance of 15 Billion KRW, Sold Out in Four Days After Launch, 10% Discount Sale Continues Until June
[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do will issue Gyeongnam Love Gift Certificates worth 15 billion KRW starting April 1.
Gyeongsangnam-do announced on the 29th that this decision was made to revive the weakened consumer sentiment.
The province issued 15 billion KRW worth of Gyeongnam Love Gift Certificates each month from January to March, and they sold out early within four days of release every month.
Building on this success, the 10% discount sale on the Gyeongnam Love Gift Certificates, which was conducted until March, will be extended until June.
Furthermore, efforts will be made to secure national funding to continue the 10% discount sale beyond that period.
The province plans to issue a total of 80 billion KRW worth of Gyeongnam Love Gift Certificates in the first half of the year, expecting that the issuance of the certificates will contribute to revitalizing the local economy through increased consumption within the region.
As of the end of March, the total payment amount using the Gyeongnam Love Gift Certificates reached approximately 39.9 billion KRW, with 89% of the issued 45 billion KRW circulating in the market.
Additionally, since the 16th, the province has been operating a task force to prevent illegal distribution of the Gyeongnam Love Gift Certificates.
According to relevant laws, the province plans to take administrative actions such as recovering unfair profits, canceling or suspending merchant registrations, and imposing fines.
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To revitalize neighborhood markets and continuously promote consumption, the province plans to expand the issuance of Gyeongnam Love Gift Certificates to a total of 120 billion KRW in the first and second halves of this year, up from 68.7 billion KRW last year.
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