Bank of Korea (BOK)

The Bank of Korea (BOK) is the central bank of South Korea. The primary purpose of the Bank 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.

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.

HQ: Seoul, Korea
Founded: 1950
ID: 156. Updated: 10.03.2017