Nationality: Korea, Republic of
Contact Address: 110, 3-Ga, Namdaemunno, Jung-Gu,
Seoul 100-794, Korea Tel : 82-2-759-4114 Fax : 82-2-759-4060
WebAddress: http://www.bok.or.kr/eng/engMain.action
General: The Bank of Korea was originally established with a capital of 1.5 billion won, all of which was subscribed by the Government, but the amendment of the Bank of Korea Act in 1962 made the Bank a special juridical person having no capital. 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 Bank of Korea has the exclusive right to issue banknotes and coins in any dimension, design or denomination determined by the Monetary Policy Committee. The banknotes and coins thus issued have the status of legal tender within the country for all transactions, both public and private, without limitation. The Bank is not required to maintain any prescribed minimum ratio of gold or foreign exchange against its banknotes and coins issue, nor is any maximum limit imposed on the issue. The issue of banknotes and coins relies ultimately on decisions made by the Bank of Korea in line with its monetary policy. Source: http://www.bok.or.kr/broadcast.action?menuNaviId=792