BOK Reflects Anti-Japan Sentiment


By Kim Yon-se
Staff Reporter

The Bank of Korea (BOK) announced Monday that it will issue new 5,000-won banknotes during the first half of next year as part of its anti-forgery measures.



It marks the first redesigning of bank notes in 23 years. The central bank also plans to issue new 10,000-won and 1,000-won bills in the first half of 2007.

BOK Governor Park Seung said that the bank decided to issue new banknotes because of increasing counterfeit cases and to improve the quality of banknotes.

``The counterfeit issue has reached a very serious point. And the quality of the current banknotes is very low compared to those of advanced nations,’’ Park said at a news conference in Seoul. ``The redesigning already looks somewhat overdue.’’

In particular, the central bank will change the circle-shaped BOK governor’s seal on the center of bills into rectangular or square shapes, a high-ranking official at the BOK told The Korea Times.

``Internet users have pointed out that the current seal smacks of the Japanese flag,’’ he said. ``Korean and Japanese bills are the only two banknotes with circled seals.’’

The BOK plans to change the seal shape, for the first time since the bank introduced banknotes, in consultation with the government, the official said.

Governor Park said the current banknotes are large compared to those of other countries. The new 10,000-won bills will be 14.8 centimeters wide and 6.9 centimeters long, smaller than the current 16.1 centimeters wide and 7.6 centimeters long.

``The three major bills will have the same length but differ in width by 6 millimeters,’’ Park said.

The 5,000-won and 1,000-won bills will also become smaller _ measured at 14.2 centimeters wide and 6.9 centimeters long, and 13.6 centimeters and 6.9 centimeters long, respectively.

The base colors of the 5,000-won and 1,000-won bills will be changed into reddish-yellow and blue, respectively, from the present yellowish-brown and purple, Park said.

But he said the central bank will maintain the base color of the 10,000-won note, adding that it would diversify colors of a variety of illustrations of buildings and emblems on the bills.

Park said advanced nations, such as Switzerland, Canada and the United States, are issuing new bills in six or seven years.

He also said the BOK is mimicking the anti-forgery skills embedded on the euro, such as a hologram, color shifting ink and embossing.

The central bank will seek approval for the change of the bills from the Ministry of Finance and Economy and the monetary policy committee in May.

The BOK estimates that it will cost about 470 billion won to issue the new bills, including printing costs and changes to automated teller machines.

kys@koreatimes.co.kr