BOK provides less money ahead of Chuseok

Published : Sept 17, 2021 - 13:31 Updated : Sept 17, 2021 - 13:31

Security firm workers move bundles of cash at the Bank of Korea in Seoul on Thursday, as the central bank supplies funds to commercial banks to meet rising cash demand ahead of Chuseok, the Korean harvest holiday, which falls on Sept. 21 this year. (Yonhap)

The Bank of Korea (BOK) said Friday it has injected a smaller amount of bank notes into circulation this year than a year earlier ahead of the Chuseok fall harvest holiday as private consumption has slumped amid the COVID-19 pandemic.

The BOK provided a net 4.8 trillion won ($4.08 billion) worth of bills to financial institutions during the 10 working days before the holiday, down 4.8 percent compared with the same period last year.

This year's Chuseok holiday, the Korean equivalent of Thanksgiving, runs from Monday to Wednesday.

The BOK said the demand for cash appeared to have fallen as more money has already been injected in the market and people are refraining from visiting their hometowns during the holiday amid COVID-19 concerns. (Yonhap)