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Ahead of the Chuseok holiday, I have more work to use cash.

But this year, it is said that it is difficult to find 50,000 won at a bank ATM.



Reporter Park Chan-geun reported.



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[Bank information staff: I don't have 50,000 won at the counter right now.

The bank of Korea didn't get 50,000 won notes.] This



is a bank in Yeongdeungpo-gu, Seoul.



A notice was posted stating that each automatic teller machine was unable to receive 50,000 won notes smoothly, so only 10,000 won notes could be visited.



Other bank branches nearby have posted similar notices.



If you go to the counter directly and ask for it, you can withdraw in 50,000 won, but it is true that it is inconvenient for many cash transactions.



[Kang Yong-seon/President of a clothing store in Yeongdeungpo-gu, Seoul: I pressed five 50,000 won notes and came out with 10,000 won.

It's a retail business, so you don't have to buy something. Go to a wholesaler.]



That doesn't mean the Bank of Korea has reduced the issuance of 50,000 won notes.



Until August this year, the issuance of 50,000 won was about 16 trillion won, which is more than the same period last year.



However, after being issued, the rate that it was returned to the Bank of Korea after being issued is 29.6%, less than half of last year.



The Bank of Korea explained that this is because households and businesses have become more inclined to hold cash to prepare for uncertainty amid the economic crisis caused by the coronavirus.



There is also a view that the tendency to hold cash for the purpose of avoiding taxes when giving gifts or transactions has decreased as the incentive to deposit in banks at ultra-low interest rates has decreased.



[Kwon Young-jun/Professor of Business Administration, New York State University Korea: If you don't have it in cash, this will be anxious.

Something like a bad phenomenon in which the underground economy grows comes as a side effect.]



The Bank of Korea is increasing the circulation of 50,000 won notes ahead of the Chuseok holiday, when the cash demand is high, but it is unclear when the shortage phenomenon will be resolved.



(Video coverage: Jongsoo Hong, Video editing: Hyunki Jang, CG: Hyunjung Jung)