Cash bundles of Korean won banknotes / Korea Times file photo
The central bank said Friday it has supplied a net 4.76 trillion won ($3.29 billion) worth of fresh banknotes for this year's Lunar New Year holiday.
The Bank of Korea (BOK) said it issued 5.03 trillion won in currency to banks and other financial institutions during the 10 business days through Friday and withdrew 273.5 billion won, bringing the net supply to 4.76 trillion won.
The net issuance marked a 6.2 percent decrease from the amount supplied during the same period ahead of last year's holiday, it added.
"The decline was attributable to the Lunar New Year holiday period shortening from six days last year to five days this year, while year-end and early-year currency demand was separated from holiday-related cash demand this year," a BOK official said.
This year's Lunar New Year falls on Tuesday, with the holiday running through Wednesday.
Demand for fresh bills typically rises during the holiday season, as it is customary in South Korea for elders to give cash gifts to younger family members after receiving traditional New Year's bows.
Source: Korea Times News
