Which institution is South Korea’s central bank, established on 12 June 1950?

The Bank of Korea is South Korea’s central bank, established on 12 June 1950.

The bank was created under the Bank of Korea Act as the country’s monetary authority. Its responsibilities include setting monetary policy, promoting price stability, issuing South Korean banknotes and coins, and supporting financial stability.

The Bank of Korea began operating shortly before the Korean War, which shaped its early work. Its headquarters are in Seoul, and the institution is commonly abbreviated BOK. It is sometimes confused with commercial Korean banks, including Korea Exchange Bank, but the Bank of Korea is the country’s central bank rather than a retail lender.

The South Korean won is issued under the authority of the Bank of Korea. The institution also publishes economic statistics and operates the country’s payment and settlement infrastructure.