The central financial institution on Wednesday referred to as for measures to take care of the money circulation system amid declining money acceptance on public transportation, in shops and by different entities.
The decision was made throughout a gathering of the forex circulation system council, which was attended by the Financial institution of Korea (BOK) and different related organizations.
“An rising variety of buses, shops and even native authorities–affiliated establishments started limiting money funds lately. The business can be experiencing adjustments, with some money transportation companies and non-bank ATM operators suspending operations,” BOK official Kim Gi-won mentioned.
“Proactive measures are wanted to protect the money circulation infrastructure,” he added.
Members additionally mentioned how demographic shifts and digital transformation are reshaping the cash-use ecosystem.
They voiced considerations that financial institution branches and ATMs in non-capital areas might shrink quickly because the inhabitants continues to pay attention within the Seoul metropolitan space.
The BOK vowed to strengthen info sharing and cooperation amongst associated establishments to plot needed coverage measures and to make sure a sustainable money circulation infrastructure.
