Seoul: The amount of banknotes issued by the South Korean central bank this year has bounced back to levels seen before the COVID-19 pandemic, officials revealed on Tuesday. This recovery comes amid declining interest rates and an uptick in the number of foreign tourists. According to Yonhap News Agency, a total of 9.4 trillion won (US$6.71 billion) worth of banknotes were issued during the first 10 months of 2024. This figure is approaching the average level of 10.1 trillion won, which was the norm from 2013 through 2019, as reported by officials from the Bank of Korea (BOK). The issuance of new bills had seen a decline over the past several years due to weak demand in the pandemic's wake. However, demand has recently increased, coinciding with falling interest rates and a rise in the number of foreign visitors. The BOK's decision to lower its benchmark interest rate by a quarter percentage point to 3.25 percent in October marked the end of a tightening cycle that began in August 2021.