The volume of 50,000 won notes in circulation exceeded the 70 trillion won ($63.2 billion) mark in July for the first time, according to data from the Bank of Korea on Thursday.

The circulation of the highest-denominated bill stood at 70.43 trillion won last month, 0.8 percent higher than the 69.84 trillion won in June, the data showed.

The hike comes on the back of increased demand and supply of the bill, BOK officials said, highlighting the all-time low interest rate as a factor behind the rise in demand.

The outstanding balance of the nation’s banknotes stood at 91.92 trillion won in July, 77 percent of which was made up of 50,000 won notes.