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The National Central Bank of Republic of Korea is popularly known as the Bank of Korea. Bank of Korea was established in the year 1950, on the 12th of June. The head office of the Bank of Korea is located in Seoul, at Namdaemun Street, Jung-Gu. The present Governor of the Bank of Korea Mr. Lee Sung-tae, was designated in the year 2006.
Bank of Korea maintains a stability in the economy system of the country by issuing coins and banknotes, auditing the other banks present in the different cities of the country and proclaiming various monetary policies.
The executive body of the Bank of Korea consists of the Governor, Deputy Governor and 5 assistant governors who looks after the works in the various departments in the head office and other 16 branches located in the various cities of the country.
The Bank of Korea started operating as a separate body after it was disintegrated from the Central Bank of Colonial Korea. In the year 1945, the Allied Occupation Forces, dissolved the Japanese control over the Bank of Korea and all the assets were transferred to the Bank of Korea, a private Japanese Bank and the Central Bank of Korea situated in Pyongyang.
Bank of Korea plays a major role in deciding the economic status of the country and has a major hold over all the economic activities carried on in the country. To some extent, the economic affairs are looked after and discussed with the governing bodies of the Bank of Korea.
Thus, it is seen that the Bank of Korea plays a major role in deciding the economic growth and economic affairs of the country
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