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Thursday, September 16, 2004

Redenomination of Won considered

The "economy vice premier" Yi Hôn-jae has announced that the ministry of finance is in the beginning of the concrete plans for the change of the nominal value (redenomination) of Korean Won (Chosun Ilbo). (The term for the change used in the article is hwap'ye tanwi pyôn'gyông 화폐단위 변경.) The process is expected to take 3-5 years. After the change of the value of money, the big amounts are not expected to be a problem, but the prices connected with the "ordinary people's life" (sômin sanghwal) may well rise:
그는 “서민생활 물가와 직결돼 있는 그 부분에 대해 물가수준을 어떻게 완화시키느냐가 가장 큰 문제”라고 지적했다.
A couple of weeks ago I had an entry of this, noting that some parliament representatives were active in the matter, but there was no mention of any government activity. And now it's suddenly announced that all the necessary research has been done. Joongang Ilbo reminds that the mentioned vice premier of economy (? 경제부총리) Lee has thus far been of the opinion that the nation's economy doesn't allow the consideration of issuing new money.

Joongang's editorial opinion is that it's not the time to think of money redenomination, but the problem of the need of bigger value bills should be solved by issuing bigger bills with the current denomination.
Good example by the way of the all the more common manner of adding the English-language term in brackets behind the (Sino-)Korean term in Joongang's editorial: 화폐단위 변경(리디노미네이션). At least it's redenomination and not denomination as was the case recently.

Other Joongang pieces on the topic:
"몸집 커진 경제규모 걸맞게" "비용 수천억 … 물가 악영향"
[느닷없는 화폐단위 변경 논의] "연구·검토는 끝나"

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