From next month, it will be strict to exchange old money for new money.
According to the Bank of Korea today (21st), according to the new currency exchange standard, if a currency exchange request is received from the 2nd of next month, in principle, only 'used currency', not new notes, will be paid.
Used currency refers to currency that is circulated in the market, returned to the BOK through the exchange window of a financial institution, and then reissued through identification of counterfeit or falsified currency and determination of cleanliness.
Simply put, it's not a new currency, but it's still usable enough.
However, in the case of currency that is judged unsuitable for currency due to severe damage or contamination, it will be exchanged for a new note.
However, even in this case, depending on the damage process or intentional damage, the used currency may be paid.
However, on holidays such as Lunar New Year or Chuseok, new notes can be exchanged exceptionally, and in the case of 50,000 won bills, only 500,000 won to 1 million won per person per day, depending on the region.
As the background for the change in the currency exchange standard, the BOK said, "In order to alleviate the preference for unnecessary new notes and reduce social costs due to the manufacture of additional currency, the BOK limits it within certain limits." It is expected to improve the quality of
In addition, he added, "It is possible to prevent the harm of monopolizing the currency exchange window to acquire manufactured currency for a specific purpose, thereby minimizing various inconveniences for good currency exchange customers, such as confusion at the counter and increased waiting time."
According to the BOK, 79.6% of the currency returned through the currency exchange window in 2020 is suitable for currency, while new notes account for 89% of the currency exchanged.