Bank of Korea Accentuates Introduction of 100,000 won Bill
The push has arisen again to introduce one hundred thousand won bills, as suggested by the Bank of Korea on April 4.
During the investigation of government offices conducted by the National Assembly, the Bank of Korea stressed that it is very necessary to introduce the bill, saying, “Currently,
the ten thousand won bill, the highest denomination bill, can no longer play its role due to the increase in the Korean economic scale and price indexes.” An official from the Bank of Korea added, “If the one hundred thousand bill is introduced, there will be a number of economic effects, including savings from making personal checks, and manufacturing and circulation expenditures.
According to the Bank of Korea, it is estimated that since the year 1973 when the ten thousand won bill was introduced, the Korean economic scale has increased one hundred thirty times, and also price indexes for Korean consumers have soared eleven times. In addition, national income per capita has increased one hundred times. Therefore, with respect to currency, it can be seen that the value a ten thousand won bill in 1973 is the same as a one million won bill today.
With regard to economic theory, the highest valued bill that Korea needs now should be between an eighty thousand won bill and a one hundred and ninety thousand won bill. Currently, the highest valued bill of OECD nations is the equivalent of a three hundred and thirty thousand won bill.
The Bank of Korea has claimed the necessity of issuing the one hundred thousand won bill, but faced objections by the Cabinet.
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 / 입력시간: 2005. 10.08. 10:11
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