Central Banking

South Korea plans banknote redesign

The Bank of Korea said Monday that it will begin issuing currency bills with new security features next year, to combat an explosion of counterfeit banknotes.

Old bills will be used indefinitely and can be exchanged for new ones without identification, said BOK Gov. Park Seung.

To counter the proliferation of forgery, Park said the bank would add seven high-tech anti-counterfeit features to the new bank notes and trim the size of the bills to make them easier to use.

"We should have done this