SEOUL, Nov. 12 (Xinhua) -- South Korea's banknote issuance recovered to the pre-COVID-19 pandemic level on lower interest rates and higher number of foreign tourists, central bank data showed Tuesday.

The net issuance of banknotes by the Bank of Korea (BOK) amounted to 9.4 trillion won (6.7 billion U.S. dollars) for the first 10 months of 2024.

It neared the average amount of 10.1 trillion won (7.2 billion dollars) issued between 2013 and 2019.

The recovery in banknote issuance was attributed to the rising number of foreign tourists visiting the Asian country and lower interest rates that boosted banknote demand for value storage purposes.

The BOK cut its benchmark interest rate by 25 basis points to 3.25 percent in October, marking the first rate decrease in almost four and a half years since May 2020. Enditem

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