○ Gyeonggi-do Market Revitalization Agency announces usage status of Gyeonggi local currency
○ KRW 98.4 billion reloaded from September 18 to 23; daily average of KRW 16.4 billion; 2.4 times more than usual daily average of KRW 6.7 billion
○ Gyeonggi Province expects active circulation of local currency will revitalize economy during Chuseok holiday
○ Voluntary reloads by local residents deemed significant; expected to become loyal customers
○ New members and spending amount maintains trend of two-fold increase

While the Gyeonggi Provincial Government has announced the provision of consumption support (limited local currency of the province) to revitalize the local economy during the Chuseok holiday, the local currency was reloaded at double its usual rate. Considering the active circulation of the local currency, the government expects this measure will assist in the revitalization of the local economy during the Chuseok holiday as planned.

According to data released by the Gyeonggi Provincial Government and the Gyeonggi-do Market Revitalization Agency (GMRA) on September 25, the reload amount of local currency marked KRW 98.4 billion since the support was first provided on September 18 up until September 23, recording a daily average of KRW 16.4 billion.

From June to August, the daily average of the local currency reload amount—excluding the Gyeonggi Disaster Basic Income and other assistance supported by the government—was KRW 6.7 billion, which indicates an increase by 2.4 times according to the latest data.

Government assistance refers to child allowance, maternity support, and Youth Basic Income, which are given to relevant subjects who are covered by certain policies. The local currency discussed in this article refers to the amount residents voluntarily purchase for use.

Small Business Division Director Jo Jang-seok (Gyeonggi Provincial Government) said, “The increase in the voluntary reloads of local currency indicates that the currency will soon actively circulate among small businesses and through the local economy. Voluntary reloads imply that users may convert to loyal customers who regularly use the local currency.”

Meanwhile, the number of new currency users and the amount of local currency spent have doubled after September 9, the day the consumption support was announced, and on September 18, the day the support was provided.

After Gyeonggi Province Governor Lee Jaemyung announced plans to provide support with limited local currency, the government received a total of 175,156 new applications for the currency over a 15-day period—from September 9 to 23—recording a daily average of 11,677 applications. In contrast, the daily average of applications since June to August was 5,949.

The amount of local currency spent from September 18 (the day the support was provided) to September 23 was KRW 77.7 billion, marking a daily average of KRW 12.9 billion. Meanwhile, the daily average spent since June to August was KRW 6.3 billion.

Provincial consumption support is the Gyeonggi Provincial Government’s economic policy initiative to revitalize the regional economy with unprecedented benefits by providing a 10% incentive with an additional 15% of consumption support for currency reloads of KRW 200,000. In order to benefit from this policy, at least KRW 200,000 must be spent between September 18 and November 17. The fund will be granted to local currency users with local currency cards or mobile apps on a “first-come, first-served” basis until exhaustion of the KRW 100 billion budget.