Top British home office mandarin quits in minister bullying row
Advertisement

Last Reviewed on

Advertisement



By Joori Roh

SEOUL (Reuters) – Worried South Koreans are putting banknotes in their microwaves and washing machines, damaging the bills in their attempts to cleanse them of the coronavirus.

The central bank said on Friday that people had exchanged three times as much burnt money in the past six months as in the same period last year, much of it thought to be from botched efforts to disinfect bills.

A Bank of Korea official told Reuters that the amount of money returned to the bank after being burnt between January and June had risen to 1.32 billion won (845,784 pounds) from 480 million (304.5 million pounds) in the same period last year.

“There was a considerable amount of bills being burnt in the microwave ovens in the first half of this year,” the official said, referring to efforts to prevent the coronavirus.

In a statement, the bank said overall a total of 2.69 trillion won worth of damaged notes and coins were destroyed and of that it exchanged 6.5 billion won worth in the first half of 2020.

Besides using microwaves or ovens to heat the bills, some people also put them in their washing machines, the bank said.

In one example given by the bank, a person surnamed Um came in to redeem at least 35.5 million won ($30,000) in notes damaged after he had put them in the washing machine.

Um only recovered 22.9 million won, losing at least 35% of the original money, which he had received as condolence donations for funeral expenses for a family member, the BOK said.

Another case involved a person surnamed Kim, who put 5.2 million won in the microwave to sterilise the money against COVID-19. But the damage was limited so Kim was able to redeem most of the money.

In March, the BOK said it was quarantining bank notes for two weeks to remove any traces of the coronavirus and even burning some as part of efforts to stem the outbreak.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Advertisement