Which bank became South Korea’s central bank when it was established in 1950?

The Bank of Korea became South Korea’s central bank when it was established in 1950.

The bank was created under the Bank of Korea Act to provide a central monetary authority for the newly established Republic of Korea. Its original headquarters were in Seoul, and the institution began operations shortly before the Korean War started in June 1950.

Its core responsibilities include issuing South Korean banknotes and coins, conducting monetary policy, managing foreign-exchange reserves, and supporting financial stability. Its main policy-making body is the Monetary Policy Board.

The Bank of Korea is distinct from commercial institutions such as Kookmin Bank and Shinhan Bank. It does not compete for ordinary retail deposits; instead, it manages national monetary functions and serves as the country’s issuer of currency.