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The Bank of Korea

Profile:

The Bank of Korea (BOK) is the central bank of South Korea. It was established in 1950 at Seoul.

The Bank's primary goal is price stability. For that, the Bank targets inflation. The 2007–09 target is three-year average consumer price inflation of 3.0% ± 1.0.

History:

The Bank of Korea was established on June 12, 1950 under the Bank of Korea Act.

The primary purpose of the Bank, as prescribed by the Act, is the pursuit of price stability. The Bank sets a price stability target in consultation with the Government and draws up and publishes an operational plan including it for monetary policy.

To this end, the Bank performs the typical functions of a central bank, issuing banknotes and coins, formulating and implementing monetary and credit policy, serving as the bankers' bank and the government's bank. In addition, the Bank of Korea undertakes the operation and management of payment/settlement systems, and manages the nation's foreign exchange reserves. It also exercises certain bank supervisory functions stipulated in the Bank of Korea Act.

The executives, consisting of the Governor, the Senior Deputy Governor, and 5 Deputy Governors, manage departments in the head office and 16 domestic branches. Additionally, the Audit Department belongs to the Monetary Policy Committee. Lee Sungtae was appointed Governor in 2006. The head office is located at Namdaemun Street, Jung-gu, Seoul.

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