S Korea to issue new banknote in first half of 2009

Special Report:Global Financial Crisis

SEOUL, Jan. 27 (Chinese media) -- South Korea's central bank said Tuesday that it

will issue a 50,000 won (about 35.93 U.S. dollars) banknote in the first half of

2009, dropping its previous plan to issue a 100,000 won (about 71.86 U.S.

dollars) due to economic slowdown.

The central bank plans to make public the final version of the 50,000 won

bills in February and to put the notes into circulation starting in May or June,

said the Bank of Korea (BOK).

Currently, 10,000 won banknotes are the highest-denominated bills in South

Korea.

In May 2007, the central bank had announced its plan to issue 100,000 won

and 50,000 won bills in the first half of this year. However, the central bank

decided to drop its plan to issue 100,000 won notes on Jan. 22 at the request of

the government amid controversy over its design and effectiveness, local media

said.

The 50,000-won note will be featured by Shin Saim-dang, a famous female

writer and calligraphist and also the mother of Yulgok, one of the most

respected scholars of the Joseon Dynasty (1392-1910).