SEOUL, Jan. 17 (Korea Bizwire) — Bills and coins that the South Korean central bank discarded due to damage grew 2.3 percent in 2022 as increased banknotes were redeemed amid high interest rates, data showed Tuesday. A total of 412.68 million damaged bills and coins were taken out of circulation last year, down from 403.52 [...]
SEOUL, Dec. 7 (Korea Bizwire) — South Korean banknotes saw their lifetimes increase on-year in 2022 as people use less cash and depend more on credit cards and internet banking for transactions, a central bank report showed Wednesday. According to the report from the Bank of Korea (BOK), the country’s smallest denomination bills, 1,000-won notes, [...]
SEOUL, July 31 (Korea Bizwire) — The number of damaged banknotes found in South Korea grew slightly from a year earlier in the first six months of the year, with some people trying to sanitize their money, apparently using the wrong methods, amid fears of the new coronavirus, central bank data showed Friday. In the [...]
SEOUL, Jan. 24 (Korea Bizwire) — The Bank of Korea said Thursday it has issued over 6 trillion won (US$5.15 billion) worth of fresh banknotes ahead of the Lunar New Year holiday that starts on Friday. The move apparently comes in preparation for high demand for fresh bills due to the long-lived tradition of elders [...]
SEOUL, Nov. 26 (Korea Bizwire) — South Korean banknotes have different lifetimes depending on their face value, with larger bills outliving the smallest bills by up to three times due mostly to the frequency of their use, a central bank report showed Tuesday. According to the report from the Bank of Korea (BOK), the country’s [...]
SEOUL, Jun. 21 (Korea Bizwire) — The Bank of Korea (BOK) said Thursday that it conducted a month-long “Pan-National Coin Exchange Campaign” in May, exchanging a total of 221 million coins worth 32.2 billion won (US$27.7 million) for banknotes. The campaign was led by the Korea Federation of Banks, Korean Federation of Community Credit Cooperatives, [...]
SEOUL, Jan. 30 (Korea Bizwire) — The number of counterfeit South Korean banknotes detected here last year reached a 20-year low, the central bank said Wednesday. The Bank of Korea (BOK) said a total of 605 fake bills were found in 2018, down a sharp 63.5 percent from 1,657 a year earlier. It was the [...]
SEOUL, Jan. 16 (Korea Bizwire) — Both the volume and face value of damaged banknotes and coins found in South Korea rose to record highs last year, data from the central bank showed Wednesday. A record 627 million damaged bills and coins were discarded by the Bank of Korea (BOK) in 2018, up 4.1 percent [...]
SEOUL, Jan. 10 (Korea Bizwire) — Of all banknotes in circulation in South Korea last year, 50,000 won (US$46.70) bills accounted for just over 80 percent of the total value, as demand for the largest-denominated note jumped, according to the central bank Tuesday. There was 85.5 trillion won worth of outstanding 50,000 won notes in [...]