BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  Bank of Korea Bank of Korea The Bank of Korea (Korean: 한국은행) is the central bank of South Korea and issuer of South Korean won. It was established on June 12, 1950 at Seoul, South Korea. The Bank's primary purpose is 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 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 the Bank of Korea Act. Besides sets a price stability, the main functions of the Bank of Korea are included:   ♦ Issuing banknotes and coins;   ♦ Conducting monetary and credit policy;   ♦ Bankers' bank and government's bank;   ♦ Developing and managing payment systems;   ♦ Conducting supervisory functions for financial institutions;   ♦ Compilation of statistics and economic research;   ♦ Carrying out foreign exchange business and managing the official foreign reserves;   ♦ Promoting cooperation with other central banks. The Bank of Korea has the exclusive right to issue banknotes and coins within Korea. Their dimensions, designs or denominations determined by the Monetary Policy Committee upon the Government's approval. The banknotes and coins thus issued have the status of legal tender within the country for all transactions, both public and private, without limitation.   Bank of Korea HQ Address: 39 Namdaemunno (110, 3-Ga,Namdaemunno) Jung-Gu Seoul 100-794 Korea Telephone: +82 2 759 4114 Facsimile: +82 2 759 4060 Website: www.bok.or.kr Swift Code: BOKRKRSE Currency: South Korean Won Banking Hours: Mon - Fri  :  0930 - 1630   The Bank is not required to maintain any prescribed minimum ratio of gold or foreign exchange against its banknotes and coins issued, nor is any maximum limit imposed on their issue. The issue of banknotes and coins depends ultimately on decisions made by the Bank in line with its monetary policy. DISCLAIMER The content comes from Internet, reasonable efforts are made to maintain accuracy of information published. However, information could contain errors or inaccuracies and is presented without warranty and statutory means. No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise. All trademarks, logos, brand names and copyrights are the property of their respective owners. © 2011 - 2022 BankHeadOffice.com ® All Rights Reserved