A Bank of Korea (BOK) official holds a sample of 50,000 won bill in this 2009 file photo. Yonhap

The number of 50,000 won bills in circulation has reached a record 3.31 billion, driven by high prices, a tendency to secure high-value banknotes at home, and an increase in international tourist arrivals, data showed, Monday.

The Bank of Korea (BOK) said the number of 50,000 won bills reached a record high in June, following its introduction as Korea's highest denomination currency in June 2009.

The number consistently increased thereafter – from 50 million in June 2009 to 1 billion in November 2014, 2 billion in August 2019 and 3 billion in April 2022.

The 50,000 won bill accounted for 49 percent of the entire banknotes in circulation as of last month.

The circulation rates for bills in South Korea are 23 percent for 10,000 won bills, four percent for 5,000 won bills and 24 percent for 1,000 won bills.

While transition to a cashless society prompted a decline in the use of cash, the BOK assessed demand for the 50,000 won bill is still higher than that of lower denomination currencies as cash gifts for weddings and other ceremonial events.

It also assessed foreign tourists are making purchases with 50,000 bills, while rich individuals tend to keep more 50,000 bills at home for private reasons.