Seoul city announced Tuesday that it will be reducing the number of cabs here by 74 to help ease the overcrowded taxi market.



Research recently showed that the city currently has an oversupply of 11,831 vehicles. The Seoul city government aimed to completely resolve the problem by 2036.



In the meantime, it will cut down the number of cabs by 74 in 2016, an additional 108 in 2018 and another 110 in 2019.





(Yonhap)