Anyang, South Korea – Anyang City has announced a plan to inject 500 billion won (approximately US$375 million) into its local economy by issuing additional regional currency, Anyang Sarang Pay, throughout the first four months of the year.

The city council approved a supplementary budget of 50 billion won for the additional issuance at its 299th regular session held on the 10th. This is in addition to the 43.5 billion won already allocated in the original budget for a total of 629 billion won in regional currency issuance this year.

With the new issuance, Anyang City will have a total of 1.129 trillion won in regional currency in circulation this year.

Starting from the 20th of this month, citizens can enjoy a 10% discount (up from the previous 6%) when they top up their Anyang Sarang Pay accounts through the Gyeonggi Regional Currency app or purchase physical cards at NH Nonghyup and Livestock and Horticultural Cooperatives. The purchase limit is 200,000 won for card-type and 100,000 won for physical cards per person.

Anyang City had previously issued 100 billion won worth of regional currency on January 1st, which was completely consumed within half a day due to its popularity. The additional issuance ahead of the Lunar New Year holiday is expected to benefit a significant number of citizens and small businesses.

Mayor Choi Dae-ho emphasized the urgent need to revive the sluggish consumer sentiment and worked closely with local lawmakers to secure the additional budget.

“Regional currency is a lifeline for the local economy, ensuring that money spent in the region circulates within the community,” Mayor Choi said. “We will actively promote this initiative to revitalize the weakened consumer sentiment.”