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2024
Bank of Korea International Conference
The Evolution of the Natural Interest Rate and
Its Implications for the Global Economy
Introduction
The Bank of Korea was established on June 12, 1950, as part of the Bank of Korea Act
The Bank of Korea was originally established with capital of KRW 1.5 billion, all of which was subscribed by the government, but the amendment to the Bank of Korea Act in 1962 made the Bank a special juridical person having no capital. 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 a 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, and serving as both the bankers' bank and the government's bank. In addition, the Bank of Korea undertakes the operation and oversight of the payment and settlement systems, and manages the nation's foreign exchange reserves. It also conducts supervisory functions of financial institutions as stipulated in the Bank of Korea Act.
Organization
Domestic Regional Branches
The Bank of Korea operates a total of 16 domestic regional branches, and it endeavors to carry out central bank functions, such as conducting economic surveys, research, and economic education, for each respective jurisdiction, as well as to support the economic activities of local businesses.

Busan Branch (est. June 12, 1950)

Address
25, Munhyeongeumyung-ro, Nam-gu, Busan, Republic of Korea
Tel.
82-51-240-3700
Fax.
82-51-246-9954
E-mail.
busan@bok.or.kr

The Bank of Korea's Busan Regional Branch was established in 1950 concurrently with the founding of the Bank of Korea. While faithfully carrying out the central bank's core responsibilities such as funding support for small and medium-sized enterprises, currency issuance and redemption, national treasury fund management, regional economic surveys and research, and economic education, it also focuses its efforts on promoting Busan as a maritime and financial hub and on fostering the growth of the Busan economy.

Furthermore, to become a trusted institution within the local community, the Bank of Korea's Busan Branch actively participates in local events and community service activities.

Famous Attractions in BUSAN

If you'd like more tourist information about Busan, please click the link below for Busan Tours.

  • Haedong Yonggugsa Temple
  • Dongbaekseom Island

Chungbuk Branch (est. November 1, 1951)

Address
145, Daeseong-ro, Sangdang-gu, Cheongju-si, Chungcheongbuk-do
Tel.
82-43-220-0550
Fax.
82-43-220-0596
E-mail.
chungbuk@bok.or.kr

The Bank of Korea's Chungbuk Branch, established in November 1951 as a regional organization of the central bank of Korea, endeavors to contribute to the economic development of Chungbuk Province. Since its opening, the Chungbuk Branch has pursued various changes in its organization and duties in response to the continuous expansion of the economy in the Chungbuk region and the implementation of local autonomy, reflecting changes in domestic and international conditions.

Famous Attractions in Chungbuk

If you'd like more tourist information about Chungbuk, please click the link below for Chungbuk Tours.

  • Sunset view of DODAMSAMBONG Peaks
  • CHEONGNAMDAE Presidential Villa

Chungbuk Travel Information

Daegu-Gyeongbuk Branch (est. June 12, 1950)

Address
145, Dongdeok-ro, Jung-gu, Daegu
Tel.
82-53-429-0301
Fax.
82-53-429-0230
E-mail.
daegu@bok.or.kr

The Bank of Korea's Daegu-Gyeongbuk Branch was established in 1950 concurrently with the founding of the Bank of Korea. It carries out various tasks aimed at regional development, including funding support for small and medium-sized enterprises, regional economic surveys and research, currency issuance and redemption, national treasury fund management, and economic education.

At the Bank of Korea's Daegu-Gyeongbuk Branch, information related to local small and medium-sized enterprise support funds, regional economic trends, analysis of local issues, and regional economic statistics are all provided. Additionally, economic education programs are conducted targeting multicultural families, youth, and the general public.

Famous Attractions in Daegu & Gyeongbuk

Daegu, with a population of 2.5 million, is one of the largest cities in South Korea. Daegu is accessible by airplane at Daegu International Airport or train at the KTX Station. It is also an inland city destination with well-developed history, medical care, and performances.
In Daegu, modern history is imbued in every alley, and many relics preserve the splendid culture of an ancient country. It is also a travel destination full of surprises where you can relax in the beautiful nature surrounding the city.

  • E-World 83 Tower
  • Gyesan Catholic Church

Gyeongsangbuk-do has a beautiful natural environment that combines the magnificent Baekdu-daegan and the clean East Sea with a 335km coastline. The area is the largest of the nation's provinces, accounting for 19.1% of the total land area. It is 31 times that of Seoul. Gyeongsangbuk-do is also a microcosm of Korean culture, from the iron culture of Daegaya, the Silla of the Millennium Dynasty, the Confucian culture of Joseon, and the modern industrial culture.

  • Bulguksa Temple
  • Andong Hahoe Folk Village

Daegu-Gyeongbuk Travel Information

Daejeon-Sejong-Chungnam Branch (est. June 12, 1950)

Address
65, Dunsanbuk-ro, Seo-gu, Daejeon
Tel.
82-42-601-1114
Fax.
82-42-601-1140
E-mail.
daejeon@bok.or.kr

Since its establishment in 1950, the Bank of Korea's Daejeon-Sejong-Chungnam Branch has been diligently performing the core functions of a central bank and striving for the economic development of the Daejeon-Sejong-Chungnam region for over 70 years. This branch engages in various tasks such as funding support for small and medium-sized enterprises, regional economic surveys and research, currency issuance and redemption, compiling regional statistics, and providing economic education.

Furthermore, this branch actively participates in social contribution activities and maintains active communication and collaboration with local governments, relevant agencies, academia, and industries across the region.

Famous Attractions in Daejeon-Sejong-Chungnam

  • Daejeon Expo Science Park
  • The Independence Hall of Korea

Daejeon Travel Information

Gangnam Branch (est. November 4, 1991)

Address
202, Teheran-ro, Gangnam-gu, Seoul
Tel.
82-2-560-1114
Fax.
82-2-560-1444
E-mail.
gangnam@bok.or.kr

The Bank of Korea's Gangnam Branch was established on November 4, 1991, in response to the expanding economic scale of the greater Seoul metropolitan area south of the Han River. This includes Gangnam-gu, Gangdong-gu, Gwanak-gu, Dongjak-gu, Seocho-gu, and Songpa-gu in Seoul proper, and then also Gwacheon-si in Gyeonggi Province. The purpose of this branch is to provide central bank services more efficiently. It offers services such as consultations on foreign exchange transactions, access to publications from the Bank of Korea and related economic institutions, as well as various statistics and economic-related materials, including the provision of, access to, and the copying of such materials.

Famous Attractions in Gangnam, Seoul

  • Bongeunsa Temple
  • Lotte World Tower SEOUL SKY

Gangnam Travel Information

Gangneung Branch (est. December 12, 1974)

Address
2063, Gyeonggang-ro, Gangneung-si, Gangwon-do
Tel.
82-33-640-0100
Fax.
82-33-640-0199
E-mail.
gangneung@bok.or.kr

The Bank of Korea's Gangneung Branch oversees five cities -- Gangneung, Donghae, Sokcho, Samcheok, and Taebaek -- and five counties -- Jeongseon, Pyeongchang, Yeongwol, Yangyang, and Goseong -- in the region of Yeongdong in Gangwon Province. It carries out various tasks including supporting funding for small and medium-sized enterprises, reporting and managing foreign exchange transactions and national treasury funds, currency exchange, and it conducts economic surveys, research, and compiles regional statistics within the region.

Moreover, it has recently been focusing on financial and economic education targeting youth. In particular, the currency exhibition hall, which both expanded and opened in 2016, has garnered significant interest and response from the local community. This branch conducts various economic education programs in collaboration with the exhibition hall.

Famous Attractions in Gangneung

  • Ojukheon House
  • Naksansa Temple

Gangneung Travel Information

Gangwon Branch (est. December 12, 1955)

Address
31, Jungang-ro, Chuncheon-si, Gangwon-do
Tel.
82-33-258-3200
Fax.
82-33-258-3219
E-mail.
gangwon@bok.or.kr

Since its establishment in 1955, the Bank of Korea's Gangwon Branch has been dedicated to fulfilling its unique responsibilities mandated by the Bank of Korea Act, including conducting economic surveys and research, managing deposits and loans for financial institutions, supporting small and medium-sized enterprises, managing national treasury funds, and providing economic education. As an integral part of the local community, it has exerted significant efforts toward the growth and development of the economy in Gangwon Province.

Famous Attractions in Gangwon

  • Woljeongsa Temple
  • NAMI Island

Gangwon Travel Information

Gwangju-Jeonnam Branch (est. June 12, 1950)

Address
126, Sangmujungang-ro, Seo-gu, Gwangju
Tel.
82-62-601-1000
Fax.
82-62-601-1100
E-mail.
gwangju@bok.or.kr

The Bank of Korea's Gwangju-Jeonnam Branch, which was inaugurated simultaneously with the establishment of the Bank of Korea on June 12, 1950, relocated its headquarters in November 1999 after constructing a new building.

This branch office endeavors to contribute to the economic development of the Gwangju-Jeonnam region through various tasks including regional economic surveys and research, funding support for local small and medium-sized enterprises, handling deposits and loans for financial institutions, currency issuance and redemption, as well as economic education.

Famous Attractions in Gwangju & Jeonnam

  • Mudeungsan National Park
  • Suncheonman Bay Wetland Reserve

Gwangju & Jeonnam Travel Information

Gyeonggi Branch (est. August 18, 1972)

Address
217, Paldal-ro, Jangan-gu, Suwon-si, Gyeonggi-do
Tel.
82-31-250-0114
Fax.
82-31-250-0111
E-mail.
gyeonggi@bok.or.kr

Since its opening in 1972, the Bank of Korea's Gyeonggi Branch has been contributing to the economic development of Gyeonggi Province through various tasks such as funding support for small and medium-sized enterprises, loans and deposits for financial institutions, currency issuance and redemption, regional economic surveys and research, and economic education.

In the future, the Bank of Korea's Gyeonggi Branch will continue to focus on enhancing financial support for the economic development of Gyeonggi Province and on strengthening its capabilities in research and surveys. It aims to become a central bank branch that is more accessible to the local residents, taking another step closer to them.

Famous Attractions in Gyeonggi

  • Suwon Hwaseong Fortress
  • DMZ (Demilitarized Zone)

Gyeonggi Travel Information

Gyeongnam Branch (est. July 1, 1975)

Address
633, Woni-daero, Uichang-gu, Changwon-si, Gyeongsangnam-do
Tel.
82-55-260-5114
Fax.
82-55-260-5100
E-mail.
gyeongnam@bok.or.kr

The Bank of Korea's Gyeongnam Branch began as the Masan office on October 16, 1973. It grew into the Masan Branch on July 1, 1975. On November 29, 1993, it was relocated to Changwon, and the name was changed from the Masan Branch to the Changwon Branch. Finally, on January 10, 2002, it was renamed the Gyeongnam Branch, which remains its designation today.

Since its establishment in 1975, the Bank of Korea's Gyeongnam Branch has been performing various tasks to contribute to the economic development of the Gyeongnam region, including currency issuance and redemption, deposits and loans for financial institutions, regional economic surveys and research, economic education, national treasury fund management, and funding support for small and medium-sized enterprises.

Additionally, this branch provides visitation facilities for local residents and operates a currency exhibition hall to create opportunities for students to learn about economics through education and hands-on experiences.

Famous Attractions in Gyeongnam

  • Haeinsa Temple
  • Tongdosa Temple

Gyeongnam Travel Information

Incheon Branch (est. June 12, 1950)

Address
10, Inhang-ro, Jung-gu, Incheon
Tel.
82-32-880-0114
Fax.
82-32-880-0119
E-mail.
incheon@bok.or.kr

Established concurrently with the founding of the Bank of Korea on June 12, 1950, the Bank of Korea's Incheon Branch has been contributing to the economic development of the city of Incheon through various tasks such as regional economic surveys and research, compiling regional statistics, funding support for small and medium-sized enterprises, currency issuance and redemption, and economic education. Additionally, it operates a visitation program to introduce the functions and roles of the Bank of Korea and to showcase its operations. It strives to do its best for the development of the Incheon economy, a hub city for Northeast Asia, and for the welfare of its residents.

Famous Attractions in Incheon

  • Wolmi Theme Park
  • Songdo Central Park

Incheon Travel Information

Jeju Branch (est. February 2, 1970)

Address
20, Bokji-ro 1-gil, Jeju-si, Jeju-do
Tel.
82-64-720-2411
Fax.
82-64-720-2510
E-mail.
jeju@bok.or.kr

Since its establishment in February 1970, the Bank of Korea's Jeju Branch has been making multifaceted efforts to contribute to the development of the Jeju economy as a regional central bank.

To encourage expanded financial support for small and medium-sized enterprises (SMEs) in Jeju, the Bank of Korea's Jeju Branch operates the "Bank of Korea Jeju Branch SME Support Fund." Additionally, it hosts the SME Financial Support Council, where the local government and financial institutions collaborate to address challenges faced by SMEs and seek solutions.

Furthermore, serving as a regional economic research institution, the Bank of Korea's Jeju Branch releases various regional economic statistics such as business sentiment surveys, consumer trend surveys, and trends in financial institution deposits and loans. It also conducts research reports on regional economic issues, collaborates with local academia, and hosts seminars to propose policy alternatives for regional economic challenges.

Famous Attractions in Jeju

  • Seongsan Ilchulbong Tuff Cone
  • Hallasan Mountain (National Geopark)

Jeju Travel Information

Jeonbuk Branch (est. June 12, 1950)

Address
325, Paldal-ro, Deokjin-gu, Jeonju-si, Jeollabuk-do
Tel.
82-63-250-4000
Fax.
82-63-251-9032
E-mail.
jeonbuk@bok.or.kr

Since its establishment on June 12, 1950, concurrently with the founding of the Bank of Korea, the Bank of Korea's Jeonbuk Branch has been actively engaged in various tasks such as currency issuance and redemption, deposits and loans for financial institutions, funding support for small and medium-sized enterprises, regional economic surveys and research, compiling regional statistics, and providing economic education. Additionally, it takes a leading role in practicing sharing through the voluntary social contribution activities of its employees.

Famous Attractions in Jeonbuk

  • Jeonju Hanok Village (Slow City)
  • Gwanghalluwon Garden

Jeonbuk Travel Information

Mokpo Branch (est. June 12, 1950)

Address
109, Yeongsan-ro, Mokpo-si, Jeollanam-do
Tel.
82-61-241-1000
Fax.
82-61-243-8066
E-mail.
mokpo@bok.or.kr

Since its establishment in June 1950, concurrently with the founding of the Bank of Korea, the Bank of Korea's Mokpo Branch has been dedicated to promoting the economic development of Jeollanam-do Province in southwest Korea. It carries out various tasks such as providing funding support for local small and medium-sized enterprises, currency exchange services, regional economic surveys and research, compiling regional statistics, and providing economic education.

Additionally, it actively engages in community outreach activities, striving to fulfill the social responsibilities of the central bank.

Famous Attractions in Mokpo

  • Mokpo Marine Cable Car
  • Yudalsan Mountain

Mokpo Travel Information

Pohang Branch (est. December 5, 1974)

Address
180, Jungheung-ro, Buk-gu, Pohang-si, Gyeongsangbuk-do
Tel.
82-54-289-2800
Fax.
82-54-289-2929
E-mail.
pohang@bok.or.kr

Since its establishment, the Bank of Korea's Pohang Branch has been responsible for overseeing five cities and counties along the eastern Gyeongbuk coast, including Pohang, Gyeongju, Yeongdeok, Uljin, and Ulleung. This branch carries out various tasks such as funding support for small and medium-sized enterprises, currency exchange services, national treasury and foreign exchange operations, as well as regional economic surveys and research.

Furthermore, the Pohang Branch actively participates in various local events and volunteer activities, and takes the lead in providing economic education to youth, college students, the general public, and business organizations across the region.

In the future, the Bank of Korea's Pohang Branch will continue to strive as a regional branch of the central bank, with all employees united in contributing to the economic development of the east coast Gyeongbuk region.

Famous Attractions in Pohang

  • Homigot Sunrise Square
  • POSCO (Pohang Steelworks)

Pohang Travel Information

Ulsan Branch (est. May 27, 1980)

Address
52, Dotjil-ro, Nam-gu, Ulsan
Tel.
82-52-259-7400
Fax.
82-52-259-7491
E-mail.
ulsaneco@bok.or.kr

Since its establishment in 1980, the Bank of Korea's Ulsan Branch has been striving for the development of the city of Ulsan through various tasks such as regional economic surveys and research, deposits and loans for financial institutions, funding support for small and medium-sized enterprises, currency exchange, and economic education.

In the future, the Bank of Korea's Ulsan Branch plans to continue its efforts to elevate Ulsan's status as an industrial hub by providing financial and economic information and by proposing policy alternatives for local issues. Additionally, it will actively engage in community service in order to benefit the local residents. The Bank of Korea's Ulsan Branch serves as a platform for providing various information related to the regional Ulsan economy, funding support for small and medium-sized enterprises, economic education, and information on currency supply and demand, while also actively participating in social contribution activities.

Famous Attractions in Ulsan

  • Cape Ganjeolgot
  • Daewangam Park

Ulsan Travel Information

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