Sejong Local Currency 'Yeominjeon' Sold Out for 2 Consecutive Years and Secures Special Grant Fund

[Asia Economy (Sejong) Reporter Jeong Il-woong] The local currency Yeominjeon has continued its sold-out streak by selling all issued amounts from 2021 to last year. Yeominjeon was also selected as an excellent case of local love gift certificates.

Sejong City announced on the 2nd that it issued 330 billion KRW worth of Yeominjeon last year and sold all of it. This follows the record of issuing and selling out 300 billion KRW in 2021.

Starting with 174.6 billion KRW issued in 2020, Yeominjeon has expanded its issuance scale every year, contributing to promoting consumption within the region and revitalizing neighborhood commercial districts.

According to Yeominjeon card companies such as NongHyup and Hana Bank, the out-of-area consumption rate, which was 73.6% before the launch of Yeominjeon, decreased by 22.8 percentage points to 50.8% after its launch.

Due to these achievements, Yeominjeon was selected for the Minister’s Award in the ‘2022 Local Love Gift Certificate Excellent Case Evaluation’ hosted by the Ministry of the Interior and Safety, earning the city a special grant of 110 million KRW.

The excellent case evaluation is a system that provides benefits by assessing the efforts and excellent cases of local governments that contributed to overcoming emergency economic situations such as COVID-19 and revitalizing the local economy.

This year, the city plans to issue Yeominjeon worth 363 billion KRW and offer a 5% cashback benefit.

A city official said, “We hope that the expanded issuance of Yeominjeon this year will help revitalize the depressed neighborhood commercial districts,” adding, “The city will continue to make efforts to revitalize the local economy.”

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