Articles of Association of the Bank of Korea

Enacted June 5, 1950. Resolved by the 1st Meeting of the Monetary Board.
Amended January 21, 1954. Resolved by the 124th Meeting of the Monetary Board.
Amended June 28, 1956. Resolved by the 35th Meeting of the Monetary Board.
Amended January 29, 1957. Resolved by the 3rd Meeting of the Monetary Board.
Amended May 21, 1959. Resolved by the 15th Meeting of the Monetary Board.
Amended May 26, 1959. Resolved by the 16th Meeting of the Monetary Board.
Amended June 4, 1959. Resolved by the 18th Meeting of the Monetary Board.
Amended July 6, 1961. Resolved by the 23rd Meeting of the Monetary Board.
Amended May 28, 1962. Resolved by the 1st Meeting of the Monetary Board. Approved (conditionally) by the Minister of Finance on June 21, 1962.
Amended June 29, 1962. Resolved by the 10th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on June 29, 1962.
Amended December 6, 1962. Resolved by the 32nd Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on January 7, 1963.
Amended December 27, 1963. Resolved by the 42nd Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on January 17, 1964.
Amended March 17, 1966. Resolved by the 14th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on March 19, 1966.
Amended January 23, 1967. Resolved by the 4th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on February 3, 1967.
Amended December 27, 1968. Resolved by the 48th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on January 14, 1969.
Amended August 7, 1969. Resolved by the 25th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on September 12, 1969.
Amended May 18, 1972. Resolved by the 16th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on May 24, 1972.
Amended February 1, 1973. Resolved by the 4th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on February 16, 1973.
Amended June 20, 1974. Resolved by the 18th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on July 6, 1974.
Amended May 15, 1975. Resolved by the 15th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on May 16, 1975.
Amended June 5, 1975. Resolved by the 16th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on June 12, 1975.
Amended November 18, 1976. Resolved by the 31st Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on November 27, 1976.
Amended July 7, 1977. Resolved by the 18th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on July 27, 1977.
Amended February 15, 1979. Resolved by the 2nd Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on February 26, 1979.
Amended November 1, 1979. Resolved by the 26th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on November 27, 1979.
Amended September 4, 1980. Resolved by the 19th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on September 6, 1980.
Amended October 7, 1982. Resolved by the 27th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on October 20, 1982.
Amended January 20, 1983. Resolved by the 2nd Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on January 27, 1983.
Amended March 29, 1984. Resolved by the 8th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on April 3, 1984.
Amended February 21, 1991. Resolved by the 5th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on March 4, 1991.
Amended November 4, 1993. Resolved by the 24th Meeting of the Monetary Policy and Banking Committee. Approved by the Minister of Finance on November 20, 1993.
Amended November 7, 1996. Resolved by the 23rd Meeting of the Monetary Policy and Banking Committee. Approved by the Chairman of the Ministry of Finance and Economy on November 26, 1996.
Amended April 9, 1998. Resolved by the 1st Meeting of the Monetary Board. Approved by the Minister of Finance and Economy on April 18, 1998.
Amended March 25, 1999. Resolved by the 12th Meeting of the Monetary Board.
Amended July 18, 2002. Resolved by the 18th Meeting of the Monetary Board.
Amended December 30, 2003. Resolved by the 28th Meeting of the Monetary Board.
Amended June 26, 2008. Resolved by the 13th Meeting of the Monetary Board.
Amended December 16, 2011. Resolved by the 28th Meeting of the Monetary Board.
Amended February 26, 2026. Resolved by the 4th Meeting of the Monetary Board.

Chapter 1 General Provisions

Article 1 (Establishment and Name) This Bank is established under the Bank of Korea Act and shall be known as the Bank of Korea. <Amended December 16, 2011.>

Article 2 (Purpose) ① The Bank of Korea aims to contribute to the sound development of the national economy by promoting price stability through the formulation and implementation of efficient monetary and credit policies. <Amended December 16, 2011.> ② In performing monetary and credit policies, the Bank of Korea shall pay attention to financial stability. <Newly enacted December 16, 2011.>

Article 3 (Business) The Bank of Korea shall perform the following businesses and other necessary businesses to achieve the purpose set forth in Article 2. <Amended December 16, 2011.>

Issuance of Bank of Korea notes and coins
Formulation and implementation of policies regarding monetary and credit
Receipt of deposits from financial institutions, etc., and management of reserve requirements <Amended December 16, 2011.>
Lending to financial institutions
Purchase and sale of securities and lending/borrowing in the open market <Amended December 16, 2011.>
Deposits of government funds and lending/borrowing with the government and government-representing agencies
Operation and management of the payment and settlement system <Amended December 30, 2003.>
Foreign exchange business

Article 4 (Offices) ① The Bank of Korea shall have its principal office in Seoul Special City.
② The Bank of Korea may establish branch offices, sub-offices, and agencies domestically and internationally as determined by the Monetary Policy Committee.

Article 5 (Amendment of Articles of Association) The Bank of Korea may amend its Articles of Association through deliberation and resolution of the Monetary Policy Committee.

Article 6 (Methods of Announcement and Publication) ① Announcements of the Bank of Korea shall be made by publishing them in the Official Gazette or in one or more daily newspapers published in Seoul Special City. ② Publications of the Bank of Korea shall be made by using mass media or publishing in publications issued by the Bank of Korea, or by other appropriate methods that can inform unspecified multiple persons.

Chapter 2 Monetary Policy Committee

Article 7 (Functions and Powers) ① The Monetary Policy Committee shall have all powers prescribed by laws, regulations, and these Articles of Association, and shall fulfill its obligations.
② The Monetary Policy Committee may enact necessary regulations to perform its duties.

Article 8 (Chairman) ① The Chairman of the Monetary Policy Committee (hereinafter referred to as "Chairman" in this Chapter) shall represent the Monetary Policy Committee, preside over its meetings, and manage its affairs. ② If the Chairman is unable to perform duties due to unavoidable reasons, a member of the Monetary Policy Committee previously designated by the Committee shall act on behalf of the Chairman. <Amended December 16, 2011.>

Article 9 (Regular Meetings) ① The Monetary Policy Committee shall hold regular meetings on the second and fourth Thursdays of each month. <Amended July 18, 2002, June 26, 2008.> ② If the scheduled date for a regular meeting under Paragraph 1 is a public holiday or there are other unavoidable reasons, the meeting shall be held on the day preceding the scheduled date or on a date designated by the Monetary Policy Committee at the previous meeting. <Amended June 26, 2008.> ③ The Chairman shall notify members of the Monetary Policy Committee (hereinafter referred to as "Members" in this Chapter) and persons entitled to attend and speak at the meeting in writing, along with meeting materials, of the time, place, and agenda of the meeting at least two days prior to the meeting, unless there are urgent reasons. <Amended December 16, 2011.>

Article 10 (Interim Meetings) ① The Chairman may convene a meeting if deemed necessary. If two or more Members request a meeting in writing stating the agenda and reasons for convening, the Chairman shall promptly convene an interim meeting. ② The provisions of Article 9, Paragraph 3 shall apply mutatis mutandis to the convening of interim meetings.

Article 11 (Preparation of Minutes of Resolution) ① When the Monetary Policy Committee makes a resolution, the Chairman shall prepare minutes of the resolution, and Members who participated in the resolution shall sign, seal, or sign their names on it. ② If a Member clearly expresses dissent regarding the resolution matters, this shall be recorded in the minutes of resolution under Paragraph 1.

Article 12 (Preparation of Meeting Records, etc.) ① When the Chairman holds a meeting, the Chairman shall faithfully record the meeting matters, including the date and time, place, speakers, and content of speeches, and have the attending Members sign, seal, or sign their names on the record. Based on this, the Chairman shall prepare meeting minutes as determined by the Monetary Policy Committee. ② The Chairman shall make the meeting minutes under Paragraph 1 public as determined by the Monetary Policy Committee.

Chapter 3 Executive Bodies and Auditors

Article 13 (Executive Officers and Auditors) ① The executive officers of the Bank of Korea shall consist of one Governor, one Deputy Governor, and up to five Deputy Governors.
② The Bank of Korea shall have one Auditor.

Article 14 (Term of Office) ① The term of office of the Governor shall be four years, and the terms of office of the Deputy Governor, Deputy Governors, and Auditor shall each be three years; however, they may be reappointed once. ② The term of office under Paragraph 1 shall be calculated from the date of appointment.

Article 15 (Powers and Duties of the Governor, etc.) ① The Governor shall represent the Bank of Korea and manage its business.
② The Governor shall perform policies established by the Monetary Policy Committee and exercise other powers granted by laws, regulations, and these Articles of Association. <Amended December 16, 2011.> ③ The Governor shall periodically notify matters that the Monetary Policy Committee should pay attention to, and has the obligation to provide necessary data and opinions for the deliberation and resolution of the Monetary Policy Committee. ④ If the Governor is unable to perform duties due to unavoidable reasons, the Deputy Governor shall act on behalf of the Governor. However, this does not apply to duties performed in the capacity of a Member of the Monetary Policy Committee and the Chairman of the Monetary Policy Committee.

Article 16 (Duties of Deputy Governor, etc.) The Deputy Governor shall assist the Governor, and the Deputy Governors shall assist the Governor and the Deputy Governor, each dividing and handling business as determined by the Governor.

Article 17 (Duties of the Auditor) ① The Auditor shall continuously audit the business of the Bank of Korea and report the results to the Monetary Policy Committee periodically.
② The Auditor shall prepare a comprehensive audit report annually and submit it to the government and the Monetary Policy Committee.
③ The Auditor shall establish audit duty regulations and obtain approval from the Monetary Policy Committee.

Article 18 (Appointment and Dismissal of Employees) ① Employees of the Bank of Korea shall be appointed and dismissed by the Governor.
② Regarding the appointment and dismissal of employees necessary for the performance of the Auditor's duties among the employees under Paragraph 1, the Governor shall consult with the Auditor. However, this does not apply to the appointment and dismissal of employees assisting in audit work.

Article 19 (Restriction on Concurrent Employment) Executive officers, the Auditor, and employees shall not engage in business for profit other than their duties, and shall not hold other positions without obtaining approval from the respective appointing authority.

Article 20 (Duty of Integrity and Confidentiality) ① Executive officers, the Auditor, and employees shall not compel financial institutions or their employees to extend credit, nor shall they receive money or other benefits in connection with their duties. <Amended December 16, 2011.> ② Executive officers, the Auditor, employees, or former holders of such positions shall not disclose information obtained through their duties to others, nor shall they use it for purposes outside their duties.

Article 21 (Organization and Staffing) ① The departments of the principal office such as bureaus, divisions, and offices (excluding offices established within bureaus), and the establishment, abolition, and division of business of domestic and international sub-offices shall be determined by the Monetary Policy Committee, and details such as the establishment, abolition, and division of business of subordinate organizations shall be determined by the Governor. <Amended March 25, 1999, December 16, 2011.> ② The number of employees shall be determined by the Monetary Policy Committee. However, details may be delegated to the Governor to determine as determined by the Monetary Policy Committee.

Chapter 4 Budget and Accounting

Article 22 (Fiscal Year) The fiscal year of the Bank of Korea shall follow the fiscal year of the government.

Article 23 (Preparation and Resolution of Budget) ① The Governor shall prepare a budget plan by 30 days prior to the start of each fiscal year and obtain the resolution of the Monetary Policy Committee before the start of the fiscal year. ② If the Monetary Policy Committee has not resolved on the budget plan by the time the fiscal year begins, the Governor may execute expenses necessary for the normal performance of business based on the previous year's budget until the budget plan is resolved.

Article 24 (Budget for Personnel Expenses) ① For the budget regarding personnel expenses, etc., among the budgets of the Bank of Korea (hereinafter referred to as "Budget for Personnel Expenses"), approval must be obtained in advance from the Minister of Economy and Finance. <Amended December 30, 2003, June 26, 2008, February 26, 2026.> ② To obtain approval under Paragraph 1, the Governor shall submit the Budget for Personnel Expenses to the Minister of Economy and Finance by 60 days prior to the start of the relevant fiscal year. <Amended December 30, 2003, June 26, 2008, February 26, 2026.> ③ The Budget for Personnel Expenses under Paragraph 1 refers to the budget corresponding to personnel costs and personnel welfare benefits within general management expenses. <Amended December 30, 2003.> [Title Amended December 30, 2003.]

Article 25 (Preparation and Resolution of Supplementary Budget) ① If it becomes necessary to change an already established budget due to changes in business plans arising after the budget is established or other unavoidable reasons, the Governor may prepare a supplementary budget plan. <Amended December 16, 2011.> ② The resolution procedure for a supplementary budget plan shall follow the resolution procedure for the main budget plan.

Article 26 (Standards for Remuneration) The standards for remuneration of Members of the Monetary Policy Committee, executive officers, the Auditor, and employees shall be determined by the Monetary Policy Committee. However, details may be delegated to the Governor to determine.

Article 27 (Bonuses) The Bank of Korea may pay bonuses according to standards determined by the Monetary Policy Committee. However, details may be delegated to the Governor to determine.

Article 28 (Retirement Benefits) The Bank of Korea shall operate a retirement benefit system as determined by the Monetary Policy Committee. However, details may be delegated to the Governor to determine. <Amended December 16, 2011.> [Title Amended December 16, 2011.]

Article 29 (Research Funds) The Bank of Korea may encourage and support the training of experts in economics, monetary affairs, or banking business, and may pay research costs to excellent employees of the Bank of Korea or other eligible persons. <Amended December 16, 2011.>

Article 30 (Submission of Financial Statements) ① The Governor shall, within two months after the end of the fiscal year, submit the financial statements of the relevant year (including financial statements, accompanying schedules, and audit reports of accounting firms under Article 23 of the Certified Public Accountants Act) after external audit, through the resolution of the Monetary Policy Committee, to the relevant standing committee of the National Assembly and the Minister of Economy and Finance, respectively. <Amended June 26, 2008, December 16, 2011, February 26, 2026.> ② The financial statements under Paragraph 1 shall include an income statement, a balance sheet, and a statement of appropriation of retained earnings. <Amended December 16, 2011.>

Article 31 (Disposition of Profits) ① If the Bank of Korea has a net profit as a result of the settlement of each fiscal year, it shall reserve 30 percent of it. <Amended December 16, 2011.> ② If there is a remainder after reserving under Paragraph 1, it may be reserved as a reserve fund for a specific purpose with the approval of the government. <Amended December 16, 2011.> ③ If there is a remainder after disposition under Paragraphs 1 and 2, it shall be paid to the government as revenue. <Amended December 16, 2011.>

Article 32 (Compensation for Losses) If the Bank of Korea has a net loss as a result of the settlement of each fiscal year, it shall compensate for it with reserve funds, and if the reserve funds are insufficient, it shall request compensation from the government.

Article 33 (Accounting Regulations) Other necessary matters regarding the accounting of the Bank of Korea shall be determined by the Governor through accounting regulations. <Amended December 16, 2011.>

Chapter 5 Supplementary Provisions

Article 34 (Announcement of Issuance of Bank of Korea Notes) When the Bank of Korea obtains government approval to issue new specifications, designs, or types of Bank of Korea notes and coins, the Governor shall announce this.

Article 35 (Advisers and Consultants) The Bank of Korea may employ Koreans or foreigners as advisers or consultants when necessary for the performance of its business.

Article 36 (Other Matters) Matters concerning the operation of the Bank of Korea not prescribed by the Bank of Korea Act, its Enforcement Decree, and these Articles of Association shall be determined by the Governor. <Amended December 16, 2011.>

Supplementary Provisions <April 9, 1998>

Article 1 (Effective Date) These Articles of Association shall take effect from April 1, 1998.

Article 2 (Transitional Measures Regarding Sub-offices and Staffing) The branches and staffing of the Bank of Korea existing at the time of the enforcement of these Articles of Association shall be deemed as the staffing of sub-offices and employees under these Articles of Association until newly determined by these Articles of Association.

Article 3 (Abolition of "Regulations on the Organization and Operation of the Bank of Korea") ① The "Regulations on the Organization and Operation of the Bank of Korea" shall be abolished simultaneously with the enforcement of these Articles of Association. ② In cases where other regulations at the time of enforcement of these Articles of Association cite the "Regulations on the Organization and Operation of the Bank of Korea," if there is a corresponding provision in these Articles of Association, the relevant provision of these Articles of Association shall be deemed cited.

Supplementary Provisions <March 25, 1999>

These Articles of Association shall take effect from a date determined by the Governor within two months from the date of resolution.
<Enforced from May 17, 1999, by Governor's Decision No. 1011-162 (Approved by the Governor on May 15, 1999)>

Supplementary Provisions <July 18, 2002>

These Articles of Association shall take effect from September 1, 2002.

Supplementary Provisions <December 30, 2003>

These Articles of Association shall take effect from January 1, 2004.

Supplementary Provisions <June 26, 2008>

These Articles of Association shall take effect from June 26, 2008.

Supplementary Provisions <December 16, 2011>

These Articles of Association shall take effect from December 17, 2011.

Supplementary Provisions <February 26, 2026>

These Articles of Association shall take effect from February 26, 2026.