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The government has indefinitely suspended a long-cherished plan to issue W100,000 banknotes. The Finance Ministry will soon officially notify the National Assembly and the Bank of Korea of its plan to defer issuing the bills, while giving the a green light only to new W50,000 bills scheduled to be circulated early next year.
The National Assembly's Finance Committee is pushing to keep the plan alive. By issuing higher denomination bills, the central bank had hoped to reduce costs for circulating bank checks, which now do duty for bigger-denomination notes, and W10,000 notes, which are needed in stacks for many cash purchases.
Arirang News
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