News

ATM owners rush to fix machines for smaller bills

January 18, 2006

JoongAng Daily:Korea's central bank and local companies should spend more than 200 billion won (U.S. $203 million) readjusting their ATMs to accept the new 1,000-won (U.S. $1), 5,000-won and 10,000-won bills, following the introduction of new bills with advanced anti-forgery features. The change, part of the central bank's effort to combat increasingly sophisticated counterfeiters, began last year when the central bank approved new designs for the 5,000 and 1,000-won notes. The Bank of Korea, which began providing new 5,000-won notes Jan. 2, also is printing new 1,000-won bills. The new 10,000-won bill is expected to hit the market next year.