Gwangmyeong City to Maintain 15% Local Currency Incentive and 5% Cashback Through Year-End

Park Seungwon: "A Proven Policy for Circulating Wealth in the Local Economy... Will Continue to Expand"

Gwangmyeong City in Gyeonggi Province will continue to offer exceptional local currency benefits to support economic recovery through the end of the year.

On November 28, the city announced that it would extend until next month the 15% incentive increase and 5% cashback support for its local currency, “Gwangmyeong Sarang Currency,” which were implemented this month.

Accordingly, if residents recharge the maximum incentive limit of 1 million won for Gwangmyeong Sarang Currency, they will receive an additional 150,000 won, allowing them to use up to 1.15 million won. In addition, during this period, payments made with the local currency will earn 5% cashback, up to a maximum of 100,000 won.

However, incentives and policy allowances are excluded from the cashback program when making payments. The awarded cashback must be used by January 31 of next year.

The city explained that the decision to extend the incentives and cashback was made to maintain the positive trend, as analysis of local currency usage has demonstrated its effectiveness in boosting consumption and increasing sales for small businesses.

According to the city, the local currency issuance volume in October was 27.5 billion won. After raising the incentive rate from 10% to 15% and introducing the cashback program this month, issuance had increased to 41.5 billion won as of the 25th, representing a 51% rise.

The city also noted that, with the government’s livelihood recovery consumption coupon program ending this month, demand for local currency is expected to rise. Therefore, the city plans to maintain these benefits to actively support a stable consumption base in the local economy.

Park Seungwon, Mayor of Gwangmyeong, stated, “Gwangmyeong Sarang Currency is the most effective local coexistence policy, as it circulates wealth within the community and strengthens the local economy. We will continue to expand economic support so that all local residents, including citizens and small business owners, can truly feel the benefits.”

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