SEOUL, Sept. 20 (Korea Bizwire) – South Korean plans use the proceeds of commemorative notes as operating costs of the PyeongChang Winter Olympics, officials said Wednesday.
South Korea is set to print 2.3 million special notes whose face value is worth 2,000 won (US$1.70) in November, but retail prices of the notes are set at 8,000 won, according to the Korea Minting, Security Printing & ID Card Operating Corp.
Kim Hwa-dong, CEO of the state-run minting agency, said a “considerable amount” of the proceeds will be used for South Korea’s first-ever Winter Olympics to be held in the country’s eastern alpine city of PyeongChangin February.
Sung Baik-yoo, spokesperson of the PyeongChang Organizing Committee, confirmed most of the proceeds will be used in covering operating costs of the Winter Games, though he did not elaborate.
The notes are scheduled to be issued in December to those who successfully subscribe in banks and post offices. The special notes are being sold on a first-come, first-served basis.
It marked the first time that South Korea has issued notes to celebrate a big event in the country. The minting agency said manufacturing costs ofthe 2,000 won note is 200 won.
South Korea has set aside 2.8 trillion won to successfully stage the preeminent winter sports extravaganza.