Bank of Korea to Supply 4.2 Trillion Won for Lunar New Year Funds

On the morning of the 16th, officials from the Bank of Korea at the Gangnam Headquarters in Gangnam-gu, Seoul, are loading funds released ahead of the Lunar New Year holiday onto an armored vehicle.
[Image source=Yonhap News]

The Bank of Korea supplied approximately 4.2 trillion won to financial institutions ahead of the Lunar New Year holiday.

The Bank of Korea announced on the 20th that the net issuance amount of currency (issuance amount - redemption amount) supplied to financial institutions over 10 business days before the Lunar New Year holiday was 4.2 trillion won, a decrease of about 1 trillion won (19.3%) compared to the same period last year.

From the 9th to the 20th, 4.6478 trillion won was supplied, and 495.1 billion won was redeemed.

Regarding the decrease in the amount of funds supplied, the Bank of Korea explained that "the increase in cash held by financial institutions due to increased deposits following interest rate hikes, along with the shortened Lunar New Year holiday period," were the reasons.

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