Bank of Korea Supplies 404.4 Billion Won in Currency to Gwangju and Jeonnam Financial Institutions Ahead of Chuseok

On the 30th of last month, officials were supplying Chuseok currency at the Bank of Korea's currency storage facility in Jung-gu, Seoul. Photo by Joint Press Corps

The Bank of Korea supplied a total of 404.4 billion won in currency to financial institutions in the Gwangju and Jeonnam regions, ten days ahead of Chuseok.

According to the Gwangju-Jeonnam branch of the Bank of Korea on October 2, the amount of currency (based on the amount issued) supplied to financial institutions in the Gwangju and Jeonnam regions from September 19, the last business day before Chuseok, to October 2 (a period of ten days) totaled 404.4 billion won. This represents a decrease of 113.8 billion won compared to the same period last year.

This appears to be because financial institutions withdrew funds earlier than usual in anticipation of increased demand for cash due to the extended holiday period. In fact, over a 15-business-day period, the amount increased by 18.3 billion won from 588 billion won last year to 606.3 billion won this year.

Meanwhile, the net amount issued-calculated by subtracting the amount recovered from the amount issued-was 396.7 billion won, a decrease of 107.8 billion won compared to last year’s 504.5 billion won.

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