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Demand for 50,000 won is increasing, limiting the amount at some ATMs and bank counters.
The Bank of Korea placed additional orders before the Chuseok holiday, but it was not enough.
“The 50,000 won evaporation … fear of not being able to revitalize the real economy”
Possibility of being used for some tax evasion purposes … National Tax Service, Strict Response Policy
With the disappearance of the 50,000 won market these days, there are some cases where bank ATMs impose restrictions on the withdrawal of 50,000 won bills.
Where did the 50,000 won, which disappeared even though it premiered more than three times last year?
Reporter Choi Doo-hee covered it.
[기자]ATM of a commercial bank.
There is a notice that asks you to use 10,000 won instead of 50,000 won.
The situation is no different at the bank counter.
Before the Chuseok holiday, the Bank of Korea placed an additional order of 50,000 won, but due to high demand, it inevitably has to limit the quantity.
[은행직원 : 5만 원권 많이 찾으시는데 지금 수급이 제한이 있어서 일정 금액을 다 드리지 못하고 일부만 드리고 있어요. 만 원권이랑 섞어서 드리고 있어요.]In fact, this year, the 50,000 won exchange rate has steadily declined since the Corona 19 incident, but last month it was less than 30%.
Of the 10 50,000 won bills issued by the BOK, around 7 are not recovered and are hidden somewhere.
The exchange rate of 50,000 won as of July this year is the lowest level in six years since 2014.
The BOK said it is struggling to redeem 50,000 won, even though it increased its orders more than three times from last year.
The BOK believes that the 50,000 won evaporation is due to increased economic uncertainty due to the Corona 19 incident.
Also, since it is difficult to find a suitable investment destination due to the low interest rate, it is understood that there are many cases where 50,000 won banknotes, which are easy to store and move, are reserved for reservation purposes.
So the 50,000 won lost is mainly in the safes and closets of homes and businesses.
The problem is that this phenomenon reduces the contribution of money to the real economy.
[조영무 / LG경제연구원 연구위원 : 한국은행이 푼 돈이 제대로 돌지 않거나 잠겨 버린다면 그만큼 통화 완화 정책의 효과가 약화하고 기대했던 실물경제 활성화 효과를 내지 못하는 결과를 초래할 수 있겠고요.]As some people worry about the tax burden, they wonder if part of the 50,000 won is being used for tax evasion.
Consequently, the National Tax Service has recently decided to crack down on the evaporation of 50,000 won and the possibility of negative conversion such as tax evasion.
YTN Choi Doo-hee[[email protected]]it is.
