List of Banks in
Korea, Republic of
The Bank of Korea (BOK) is the central bank of South
Korea. It was established in 1950 at Seoul.
The Bank's primary goal is price stability. For that,
the Bank targets inflation. The 2007–09 target is three-year
average consumer price inflation of 3.0% ± 0.5.
The Bank of Korea was established on June 12, 1950 under
the Bank of Korea Act.
The primary purpose of the Bank, as prescribed by the
Act, is the pursuit of 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
management of payment/settlement systems, and manages
the nation's foreign exchange reserves. It also
exercises certain bank supervisory functions stipulated
in the Bank of Korea Act.
The executives, consisting of the Governor, the Senior
Deputy Governor, and 5 Deputy Governors, manage
departments in the head office and 16 domestic branches.
Additionally, the Audit Department belongs to the
Monetary Policy Committee. Lee Sungtae was appointed
Governor in 2006. The head office is located at
Namdaemun Street, Jung-gu, Seoul.
- KB Kookmin Bank
- Woori Bank
- Hana Bank
Korea Exchange Bank
- KEB Korea Exchange Bank(외환은행)is the biggest
exchange bank in Korea.
- Daegu Bank
- Korea Federation of Community Credit
- Korea Post
Nonghyup (National Agricultural Cooperative
Federation of Korea)
Suhyup Bank (or Su-hyeop, the National
Federation of Fisheries Cooperatives)
SC First Bank
Currency: The Bank of Korea is the one
and only legal issuer of South Korean currency. The Bank distributes the
banknotes and coins to the public by sending them to commercial banks.
The Bank prints the banknotes and coins at Korea Minting and Security
Printing Corporation, the governmental mint and document printer. The
crisp notes and coins are bundled and rolled up and shipped to the Bank
of Korea headquarters. The Bank of Korea sends crisp new notes to banks
time to time. During the two greatest S. Korean holidays, Seollal and
Chuseok, the Bank sends giant amount of new notes to banks to be
circulated and collects worn-out notes.