Employees move cash bundles at the Bank of Korea in Seoul on Jan. 14, 2025 as the central bank releases a large amount of banknotes to commercial banks ahead of the Lunar New Year holiday. (Yonhap)
SEOUL – The Bank of Korea (BOK) said Friday it has issued a greater value of fresh banknotes for this year’s Lunar New Year holiday than a year earlier.
The central bank supplied 5.06 trillion won (USD3.89 billion) worth of fresh banknotes to banks and other financial institutions for 10 days through Friday, up 8.8 percent from the amount delivered for the holiday season a year earlier, according to the BOK.
The growth came as the holiday season was extended to six days from three after the government designated Monday as a temporary national holiday. This year’s Lunar New Year falls on Wednesday.
Demand for fresh bills rises during the holiday season as South Korea has a tradition of elders offering cash gifts to younger ones after receiving deep bows for the first greeting of a new year. (Yonhap)