The Bank of Korea Supplies 4.2 Trillion Won in Currency Ahead of Chuseok... 12.8% Decrease YoY

On the 5th, ahead of the Chuseok holiday, cash transport personnel are conducting the release operation of Chuseok funds to be supplied to commercial banks at the Bank of Korea's Issuance Department in Gangnam-gu, Seoul. Photo by Joint Press Corps

The Bank of Korea reported that the amount of currency supplied to financial institutions ahead of the Chuseok holiday decreased by more than 600 billion won compared to last year.

On the 8th, the Bank of Korea announced that the currency supplied to financial institutions during the 10 business days before Chuseok (August 26 to September 8) amounted to 4.1891 trillion won, a decrease of 617.1 billion won (12.8%) compared to the same period last year.

The net currency issuance amount is the amount issued minus the amount collected.

The Bank of Korea explained that the decrease in supply was due to "the Chuseok holiday period shortening from 5 days to 4 days, as well as a decline in currency holding demand caused by rising interest rates, which led to a reduction in issuance."

(Data provided by Bank of Korea)

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