Gwangmyeong City to Raise "Gwangmyeong Sarang Currency" Incentive from 10% to 15% Next Month

Use 1.15 Million Won When Charging 1 Million Won
5% Cashback Event on Local Currency Spending

Gwangmyeong City in Gyeonggi Province announced on October 31 that it will increase the incentive rate for its local currency, "Gwangmyeong Sarang Currency," to 15% throughout November in an effort to revitalize the local economy.

With the increased incentive, if users charge the maximum limit of 1 million won on the Gwangmyeong Sarang Currency, they will receive an additional 150,000 won, allowing them to use a total of 1.15 million won.

The city will also run a cashback event throughout November, offering a 5% refund on local currency spending. Users can receive up to 100,000 won back as cashback when making payments with the local currency. The cashback must be used by December 31. However, incentives, livelihood recovery consumption coupons, and policy allowances are excluded from the eligible spending.

In line with the large-scale consumer event "Korea Grand Festival," the city has also raised the local currency holding limit from 1.5 million won to 2 million won.

Park Seungwon, Mayor of Gwangmyeong, stated, "We will continue to actively issue local currency to build a sustainable local economic ecosystem where consumption circulates within the community."

Aiming to boost the local economy this year, the city has significantly increased the issuance of local currency. The recharge limit, originally set at 300,000 won, was raised to 700,000 won in July and further increased to 1 million won in September. As of October 29, the total issuance of local currency stood at 244.8 billion won, an 80.5% increase compared to 135.6 billion won during the same period last year.

Thanks to these policies, the city was recently selected by the Ministry of the Interior and Safety as an "Outstanding Local Government in Local Gift Certificate Operation," securing additional subsidies.

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