Bank of Korea

South Korean Won

Bank of Korea (English )

Bank of Joseon

Bank of Korea is the central bank of South Korea, based in Seoul.

History

The central bank was established on 12 June 1950.

Tasks

The primary objective of the Bank of Korea is price stability in South Korea. The Bank of Korea is the sole editor of the South Korean Wons. The tasks of the Bank of Korea include the development and design of the monetary policy of South Korea, the issue of the Korean Won, the supervision of the banking sector, which guarantee a functioning payments in South Korea as well as measures to stabilize the South Korean financial system.

President

The term of office of the President of the Bank of Korea is four years.

• 2006 - 2010: Lee Seong -tae
• 2010 - 2014 (expected ): Kim Choong -soo