Gwangju Metropolitan City to Raise Local Currency Discount Rate by an Additional 5% for Chuseok... From 10-12% to 15-17%

[Financial News, Jeonnam-Gwangju = Hwang Tae-jong] Jeonnam-Gwangju Integrated Metropolitan City will raise the discount rate on local currency by an additional 5 percentage points from Sept. 1, ahead of the first Chuseok holiday since the merger. It will also hold a special Chuseok discount event for public delivery apps to encourage local dining spending.
According to Gwangju Metropolitan City on the 26th, the measure is intended to ease the burden on residents during the first Chuseok after the merger and to revitalize traditional markets and neighborhood businesses by stimulating local consumption. The city will inject 10 billion won in municipal funds.
The additional discounted issuance will total 200 billion won each for the former Jeonnam region and the Gwangju region, or 400 billion won in all. The discount rate for the former Jeonnam local currency will rise from 10-12% to 15-17%, while the Gwangju Mutual Benefit Card will increase from 10% to 15%. The purchase limit per person will follow each local currency's existing monthly cap.
For example, if a person buys 500,000 won worth of local currency, the discount benefit would be 75,000 won to 85,000 won in Jeonnam and 75,000 won in Gwangju.
However, once the additional discount budget is exhausted, the rates will return to the previous levels.
Purchases and top-ups of local currency can be made in the same way as before. The 22 city and county Local Love Gift Certificates in Jeonnam can be purchased and recharged through sales agency financial institutions designated by each city or county, or through mobile apps. The Gwangju Mutual Benefit Card can be issued, purchased, and recharged at Kwangju Bank branches and through internet banking.
Gwangju Metropolitan City also plans to hold a special Chuseok discount event for public delivery apps, offering 3,000-won discount coupons to promote local dining consumption during the holiday.
Joo Soon-sun, head of the economic bureau at Gwangju Metropolitan City, said, "This measure is meaningful because it introduces livelihood support policies that residents can feel in their daily lives during the first Chuseok since the launch of the integrated metropolitan city." She added, "We hope it will ease household burdens and lead to higher sales for small business owners, helping energize the local economy."

[email protected] Hwang Tae-jong Reporter