Some people might have heard about the Bank of Korea, but are not familiar with its specific information. While this bank is actually bringing many functions, especially for local Korean citizens and the Korean country.
Therefore, it will be necessary to sneak out some information related to this bank. So that you can introduce the bank and get more information about the history, services, and functions.
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History of Bank of Korea
To introduce with Bank of Korea, it will be good to get the information related to the history of this bank. Based on information in general, actually this bank has a long history. It started in 1945, which was the year of economic freedom in Korea. In 1950, the Bank of Korea was founded in South Korea.
Over time, of course, this Korean state-owned bank runs many services and functions. Specially to support the country in carrying out various important financial matters. So indirectly, of course, this supports the economy, especially in South Korea to be better. With various functions and operations of this bank, every day, certainly created economic and financial stability in Korea is quite good.
Various Financial Services from Bank of Korea
As a general bank, the Bank of Korea offers many typical financial services compared to the other bank in the world. Some of the services aim to support the Korean government to arrange a better and more stable financial condition in Korea. Furthermore, this bank is one of the mechanisms to support the financial market, financial institutions, and financial infrastructures.
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In terms of the financial market, the bank focus on stable all the local economy. With the control from the Bank of Korea, it helps to stabilize all the market prices and rates. Since the financial market might fluctuate without proper control. But with the help from this bank, it will be easier to ensure that the fluctuations are within the purposed limit from the government.
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While in relation to financial institutions, the Bank of Korea is the head of every local bank in South Korea. So that this bank will responsible to manage and arrange all the rules and regulations that will be applied to most banks in Korea. With this mechanism, it can help to control all the banks in the country to have a similar type of services, interests rate, exchange rates, and many more.
Last, in terms of financial infrastructures, the bank will have a role to make sure that it works as a central bank that performs important payments and loans. It also applies as a financial supervisor for many local banks to make sure that all bank customers will get proper protection under the same regulation stated by this government bank.
Bank of Korea Functions
Of course, not only able to give many services to the customer. But Bank of Korea also has many functions that will support the economy and politics in Korea very well. That is why the presence of this bank is so important to last. Some of the main functions of the bank include the following.
Help Price Stability
As mentioned previously the Bank of Korea is one of the ways to control many prices in many sectors. The economic sector in a country is primary and major so it needs to be stable and fine every time. Therefore, through the government bank, this can be reached and possibly properly controlled.
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Issuing Bank Notes
Similar to many government banks in other countries, the Bank of Korea also purpose to help issue various banknotes. It is necessary that all private and public banks in Korea will follow the regulation of this bank. Including in terms of banknotes that can only raise by this bank to cover many local banks in the country.
The main purpose of this bank of course to be the government bank that performs various government economic tasks. Therefore, it is necessary that all tasks performed by this bank will be under controlling of the government and according to the official regulation stated by the government too.
Support Payment System
As a government bank, this bank will work as a supporting bank for various payment systems. Mainly for any needs related to the government’s strategic and important project development. Every payment will raise through this bank and all payments also recorded accordingly. So that all things related to national funds will also arrange by this bank.
Supervise Financial Institutions
As the powerful bank institution in Korea, of course, this bank will be the highest institution in Korea that will be able to supervise various financial institutions in this country. Therefore, each financial institution in Korea shall be reporting to this bank to make sure that all operations are aligned with the terms and conditions set up by this Bank of Korea.
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Through the information above, it will help you to get some preliminary introduction about this Bank of Korea. So that in case you plan to visit the country and stay there, you can get an overview of whether this bank is reliable or not. Furthermore, from the above information, you can also able to get some overview. Whether opening a bank account in this bank benefit you more or not.