Korea cuts coin issue

- Central Banking staff
- 11 Jun 2004

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The amount of coins issued by the Bank of Korea was cut sharply last year because of declining demand, the central bank said this week.

Nah Seung-geun, an official at the Bank of Korea, said demand for coins was falling with the spread of electronic commerce.

Also, because of the economic slowdown, people were using coins they saved, he said.

The Bank of Korea said it released 83.8 billion won ($72.6 million) worth of coins last year, down 43 percent from 2002. Meanwhile, it took back 47.3 billion

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