Mon, 06 Feb 2023

SEOUL, Jan. 20 (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 Friday.

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.

During the holiday, demand tended to increase for new banknotes because of a South Korean tradition of the elders providing handsels, or cash gifts, for younger ones as a token of good wishes and better luck.

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