80-%-of-South-Korean-Banknotes-in-Circulation-are-50,000-Won-Bills

80 % of South Korean Banknotes in Circulation are 50,000 Won Bills

19 Jan 2018  Fri

Over eighty percent of all the circulating banknotes in South Korea in 2017 was 50,000 won bills. This was because there was an increase in demand for the largest-denominated note according to an official statement by the central bank on Tuesday.

Outstanding 50,000 won notes worth a total of 85.5 trillion were in circulation by the end of November 2017. This was equal to 80.1 percent of the total banknotes in circulation. Outstanding 10,000 won notes made up for 14.7 percent of the total notes in circulation.

50,000 won bill was introduced by South Korea in 2009. 10 trillion won worth of 50,000 won bills have been produced every year since then. 50,000 won bills made up for only 50 percent of all paper money in circulation in mid-2011.