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V12 2009 INDEX       E-SYLUM ARCHIVE

The E-Sylum: Volume 12, Number 26, June 28, 2009, Article 23

LINES FORM AT BANKS FOR NEW 50,000-WON BILL

Meanwhile, other countries are introducing larger notes of their own. -Editor
Korea 50000 won note The 50,000-won ($38.91) bill, now Korea’s largest-denominated banknote, entered circulation yesterday amid curiosity and concerns.

Analysts said the new bill would improve the efficiency of financial transactions while neither boosting the economy nor accelerating inflation significantly.

The Bank of Korea released 1.65 trillion won in the bills yesterday through commercial banks and post offices. Dozens of people stood in line at the BOK’s headquarters in central Seoul before teller windows opened at 9 a.m. yesterday to get their hands on one.

Large branches of major banks such as Kookmin and Shinhan in Myeong-dong and Yeouido, Seoul’s financial centers, were also crowded in the morning with people after the new bill, staff members said.

On the other hand, bank branches in other parts of Seoul were relatively calm. “As people know that the notes of the earliest serial numbers will be put up for auction, they don’t seem to be hurrying to get one,” said a staff member at Hana Bank’s Seocho branch.

“The 50,000-won bill is prettier than I expected,” said Min Ji-hyeon, a 38-year-old housewife, as she emerged from the branch after exchanging her 10,000-won bills for 50,000-won bills. She said she came not just because the new bills were more convenient but also out of curiosity.

“The new bill will make my wallet flatter and lighter and I like it,” she continued. “But I am concerned that due to the existence of the 50,000-won bill, I will feel pressed to pay at least 50,000 won as congratulatory money when I am invited to a wedding.”

To read the complete article, see: Lines form at banks for new 50,000-won bill (http://joongangdaily.joins.com/article/view.asp?aid=2906511)



Wayne Homren, Editor

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