Which institution is South Korea’s central bank and issuer of the won?

The Bank of Korea is South Korea’s central bank and issuer of the won.

The bank was established in 1950 under the Bank of Korea Act, shortly before the Korean War began. Its creation provided the Republic of Korea with a national monetary authority responsible for currency issuance and monetary administration.

The Bank of Korea is headquartered in Seoul. Its principal responsibilities include setting monetary policy, issuing banknotes and coins, operating payment systems, and supporting financial stability. The Korean won is commonly represented by the symbol ₩ and the currency code KRW.

The Bank of Korea is sometimes confused with commercial banks in South Korea, such as KB Kookmin Bank or Shinhan Bank. Those institutions provide ordinary banking services, while the Bank of Korea serves as the country’s central monetary institution.