Bank of Korea issues 3.65 trillion won in new notes for Chuseok holiday

The Bank of Korea announced that it has provided 3.65 trillion won (about US$2.69 billion) in fresh banknotes to banks and other financial institutions during the last ten working days, preparing for the Chuseok holiday. This supply is smaller than the 4.44 trillion won issued for the previous year’s seven-day holiday period. One outlet Chuseok break lasts only four days, with the two-day holiday starting on Thursday, leading to a lower cash demand.

The central bank’s action is intended to keep cash circulation adequate for consumers and merchants during the festive period. No other changes to monetary policy were noted. The distribution was part of routine seasonal adjustments by the BOK.