* Date : 2019-05-22
Redenomination, the process of changing the face value of banknotes and coins used in circulating currency, became a hot topic in Korea once again. Although Bank of Korea Governor Lee Ju-yeol and Finance Minister Hong Nam-ki announced that redenomination was not being considered, National Assembly members from both the ruling and opposition parties recently hosted a debate to discuss the necessity of abbreviating the unit of the Korean won from 1,000 to 1.
The par value of the Korean won has remained unchanged since 1962 despite the rapid growth of the economy. So, will it be really necessary to represent the country’s enhanced national status as the world’s 11th-largest economy?
“The Chamber” delves deeper into that question along with the pros and cons of undertaking denomination, foreign examples of redenomination and ways to make it a success.