S. Korea supplies 3.4 bln USD banknotes ahead of Lunar New Year’s holiday

Author: xinhua

South Korea’s central bank has supplied 4.2 trillion won (3.4 billion U.S. dollars) worth of fresh banknotes to meet cash demand ahead of the Lunar New Year’s holiday, the Bank of Korea (BOK) said Sunday. The fresh banknotes have been put into circulation through local banks and other financial institutions for the past 10 working days until Friday to meet cash demand during the holiday, scheduled to last from Saturday to Tuesday. This year’s injected cash was down 19.3 percent from the previous year as financial institutions already had sufficient cash amid the growing deposits, caused by higher interest rates.

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