This photograph provided by the Metropolitan Opera, shows a scene from "The First Emperor," during the final dress rehearsal Monday, Dec. 18, 2006, in New York. The new opera by composer-conductor Tan Dun, is set in the ancient court of Qin Shi Huangdi, the first emperor of China, and had its world premiere Thursday night Dec. 21, 2006, at The Met. (AP Photo/Metropolitan Opera, Ken Howard)



Government likely to introduce high-denomination bill

The Ministry of Financial and Economy shifted its strong stance against the introduction of higher denomination bills for the national currency, saying, “If the National Assembly passes the bill, we don’t oppose it.” As the ministry has hinted its changed attitude, the Bank of Korea is considering the introduction of 100,000 won bills for 2008.

A high-ranking government official said, “If the ruling and opposition parties agree, it is hard for the administration to oppose the idea.”

The statement from the official hints that the ministry’s stance has totally changed. The official added, “The Finance and Economy Ministry opposed the introduction of the 100,000 won note before, warning of a rise in inflation and illegal transactions, but we will adopt the idea if the National Assembly comes to an agreement on it.”

Currently, the ruling and opposition parties share the opinion of the necessity of the high denomination bill for national currency. Choi Kyong Hwan from the GNP clearly said, “If the ministry promises not to oppose the introduction of high denomination bill, the GNP will adopt the ruling party’s suggestion.”

Analysts say that because it takes around two years for issuance, citizens could start using of the new bills in the late 2008 or early 2009. However, some lawmakers from the ruling party are taking a negative stance, warning of illegal currency transactions, economic inflation, and the difficulty of securing tax sources. This seems to be another hot issue in the Assembly.
/ 입력시간: 2006. 12.23. 08:23