Bank of Korea was established on June 12, 1950 under the Bank of Korea Act. 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 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, Bank of Korea undertakes the operation and oversight of the payment and settlement systems, and manages the nation's foreign exchange reserves. It also conducts supervisory functions for financial institutions as stipulated in Bank of Korea Act.
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Dollar-Won Rate Seeks Direction Amid Stalled US-Iran Talks
Dollar-Won Rate Seeks Direction Amid Stalled US-Iran Talks
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Columns5| Company | Markets | New markets | Momentum | Activity | Expansion score |
|---|---|---|---|---|---|
 Bank Of KoreaYou | 4 | 4 | +25% | 9 | 21 |
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View postingJeonju, North Jeolla, South Korea · last yr.
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Bank of Korea appointed Lee Ji-ho as Deputy Governor for Research and Statistics and Kim Je-hyun as Deputy Governor for Management, both with three-year terms until June 2029.
Democratic Party floor leader Ahn Do-geol proposes reducing National Pension Service's domestic forex purchases through overseas bond issuance and currency swaps to stabilize won-dollar exchange rate near 1,500 won.
Major news includes Trump's approval of ceasefire agreement with Iran, ECB interest rate hike, SpaceX IPO pricing at $135 per share, Bank of Korea signaling rate increase, and Samsung Electronics investigation.
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