Gwangmyeong City Provides Up to 150,000 Won in Gwangmyeong Love Currency Incentives Throughout November

[Suwon Ilbo=Reporter Yu Je-sung] Gwangmyeong City announced on the 31st that it will expand the incentive rate for Gwangmyeong Love Currency (local currency) to 15% in November to revitalize the local economy.

Accordingly, loading up to 1 million won will add 150,000 won in additional benefits, allowing citizens to use a total of 1.15 million won.

Additionally, throughout November, the city will conduct a cashback event offering 5% refunds on local currency usage amounts. When paying with local currency, citizens can receive up to 100,000 won in local currency immediately upon payment. However, incentives, livelihood recovery consumption coupons, and policy allowances are excluded from transaction amounts, and dispensed cashback must be used by December 31.

The city has raised the local currency holding limit from the existing 1.5 million won to 2 million won to boost consumption within the region in conjunction with the national consumption festival "Korea Grand Festival" taking place throughout November.

Meanwhile, the city was recently selected as an "Outstanding Local Government in Local Love Gift Certificate Operations" by the Ministry of the Interior and Safety, securing additional subsidies, and plans to issue local currency more actively going forward.

As of October 29 this year, Gwangmyeong City's local currency issuance reached 244.8 billion won, an 80.5% increase compared to the same period last year (135.6 billion won).

The city has previously expanded local currency issuance by raising the loading limit from 300,000 won per month in July to 700,000 won, and to 1 million won in September.

Mayor Park Seung-won stated, "We will provide greater benefits to citizens participating in revitalizing the local economy," and added, "We will continue actively issuing local currency to establish a sustainable local economy ecosystem where consumption within the region circulates in a positive cycle."