The Bank of Korea is the national central bank of the South Korea. Established on June 12, 1950, the central bank pursues price stablity by means of issuing bank notes and coins, promulugating monetary policy, auditing city banks and so on. The executives, consisting of a Governor, a Deputy Governor, and 5 Assistant Governors, manage departments in the head office and 16 regional branches. Additionally, the Audit Department belongs to the Monetary Policy Committee of the Diet. Park Seung was appointed Governor in 2002. The head office is located at Namdaemun Street, Jung-Gu, Seoul.
Bank of Korea is historically derived from the central bank of Colonial Korea (1910-1945), Joseon Eunhaeng in Korean or Chosen Ginkou in Japanese. The Japanese-controlled Bank of Korea was dissolved by the Allied Occupation Forces in 1945, and its assets were transferred to the current Bank of Korea, the Central Bank of Korea in Pyongyang and a private Japanese bank.
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