[Gyeonggi] Seongnam City to issue a special 500 billion won local currency in the first quarter of next year.

Seongnam City announced that it will issue a special 500 billion won "Seongnam Love Gift Certificate," a local currency, from January to March next year to revive the sluggish alley economy.

Seongnam Mayor Shin Sang-jin held a press conference and said, "We will raise the discount rate from 6% to 10% and expand the monthly purchase limit per person from 200,000 won to 500,000 won."

Mayor Shin added, "I hope that the special issuance of Seongnam Love Gift Certificates will revitalize the local commercial districts and promote consumption in the region, providing warmth to the groaning local economy."

Until now, Seongnam Love Gift Certificates have applied a 10% discount only for holidays, and a 6% discount rate has been applied normally.The city of

has set aside 250 billion won as a budget for issuing local currency in next year's main budget, and this measure will expand the issuance scale to 750 billion won.