No. 6971
Promulgation Date 2003-09-03
Ministry of Finance and Economy
ALL
CHAPTER I GENERAL PROVISIONS
Article 1 (Purpose)
Article 2 (Legal Personality)
Article 3 (Neutrality of Bank of Korea)
Article 4 (Harmony with Government Policies)
Article 5 (Publicness and Transparency of Bank of Korea)
Article 6 (Establishment of Operational Direction of Monetary and Credit Policy)
Article 7 (Offices)
Article 8 (Articles of Incorporation)
Article 9 (Registration)
Article 10 (Ban on Use of Similar Names)
Article 11 (Scope of Financial Institutions)
CHAPTER II MONETARY BOARD
Section 1 Composition of Monetary Board
Article 12 (Establishment)
Article 13 (Composition)
Article 14 (Chairman)
Article 15 (Terms of Members)
Article 16 (Terms of Alternate Members)
Article 17 (Disqualifications for Members)
Article 18 (Guarantee of Member's Status, etc.)
Article 19 (Ban on Political Activities)
Article 20 (Ban on Holding Concurrent Office)
Section 2 Operation of Monetary Board
Article 21 (Meetings)
Article 22 (Attendance and Voice, etc.)
Article 23 (Exclusion of Members)
Article 24 (Drawing Up of Written Decision)
Article 25 (Damage Liability)
Article 26 (Emergency Measures)
Article 27 (Operation of Meetings)
Section 3 Powers of Monetary Board
Article 28 (Decision on Monetary and Credit Policy)
Article 29 (Decisions on Operation of Bank of Korea)
Article 30 (Establishment of Regulations)
Article 31 (Assistance in Members' Duties)
CHAPTER III EXECUTIVE ORGANS AND AUDITOR
Section 1 Executive Organs
Article 32 (Executives)
Article 33 (Governor)
Article 34 (Powers and Obligations of Governor)
Article 35 (Appointment of Representatives)
Article 36 (Vice-Governor)
Article 36-2 (Assistant Vice Governors)
Article 37 (Functions of Vice-Governor)
Article 38 (Dismissal of Assistant Vice Governor)
Article 39 (Appointment and Dismissal of Staff)
Article 40 (Obligations of Executive Organs)
Article 41 (Restriction on Holding Concurrent Office)
Article 42 (Duty of Integrity and Confidentiality)
Section 2 Auditor
Article 43 (Appointment)
Article 44 (Term of Office)
Article 45 (Functions)
Article 46 (Restriction on Holding Concurrent Office)
CHAPTER IV OPERATIONS OF BANK OF KOREA
Section 1 Issue of Bank of Korea Notes
Article 47 (Issue of Currency)
Article 48 (Circulation of Bank of Korea Notes)
Article 49 (Denominations of Bank of Korea Notes)
Article 50 (Bank of Korea Notes Held by Bank of Korea)
Article 51 (Collection of Claims by Bank of Korea)
Article 52 (Exchange of Bank of Korea Notes)
Article 53 (Mintage of Coins)
Section 2 Deposits and Reserve Requirements of Financial Institutions
Article 54 (Bank of Korea's Receipt of Deposits)
Article 55 (Deposit of Reserve Requirements)
Article 56 (Determination of Reserve Requirement Rates)
Article 57 (Marginal Reserve Requirements)
Article 58 (Reserve Requirement Rates by Kinds of Deposits)
Article 59 (Calculation of Minimum Reserve Requirements)
Article 60 (Imposition of Fine for Negligence)
Article 61 (Raise in Reserve Requirements Rates)
Article 62 (Use of Reserve Requirements)
Article 63 (Reserve Requirement Assets System)
Section 3 Loans to Financial Institutions
Article 64 (Credit Business for Financial Institutions)
Article 65 (Emergency Credit to Financial Institutions)
Article 66 (Bank of Korea's Denial of Loans)
Article 67 (Restriction on Bank of Korea's Credits)
Section 4 Selling and Buying of Bonds in Open Markets
Article 68 (Open Market Operation)
Article 69 (Bank of Korea Currency Stabilization Bonds)
Article 70 (Establishment of Bank of Korea Currency Stabilization Bond Accounts)
Section 5 Business with Government and Government Agencies
Article 71 (Deposit-Receiving Agency)
Article 72 (Safe Deposit-Receiving Business)
Article 73 (Handling of State Affairs)
Article 74 (Commission)
Article 75 (Credit for Government)
Article 76 (Direct Acceptance of Government-Guaranteed Claims)
Article 77 (Extending Loans to and Accepting Deposits from Government Agencies)
Article 78 (Restriction on Credits to Government Agencies)
Section 6 Operations for Private Individuals
Article 79 (Transaction Restrictions with Private Individuals)
Article 80 (Credits to Profit-Making Enterprises)
Section 7 Payment and Settlement Business
Article 81 (Payment and Settlement Business)
Section 8 Other Business
Article 82 (Foreign Exchange Business)
Article 83 (Consultation on Exchange Rate Policy)
Article 84 (Exchange Transaction Agreement)
Article 85 (Government Representatives in International Organizations)
Article 86 (Collection and Compilation of Statistical Data)
CHAPTER V REQUEST FOR INSPECTION OF FINANCIAL INSTITUTIONS
Article 87 (Right to Request for Submission of Data)
Article 88 (Request for Inspection and Joint Inspection)
Article 89 (Right to Request for Reconsideration)
CHAPTER VI RELATIONS WITH THE GOVERNMENT
Article 90 (Attendance at State Council)
Article 91 (Presence and Speaking)
Article 92 (Request for Reconsideration)
Article 93 (Advice at Policy-Making)
Article 94 (Cooperation on Data)
Article 95 (Audit by Board of Audit and Inspection)
Article 96 (Report to National Assembly)
CHAPTER VII ACCOUNTING, ETC.
Section 1 Accounting
Article 97 (Fiscal Year)
Article 98 (Budgets and Settlement of Accounts)
Article 99 (Disposal of Profits)
Article 100 (Compensation for Losses)
Section 2 Balance Sheet and Annual Report
Article 101 (Announcement of Balance Sheet)
Articles 102 (Publication of Annual Report)
Article 103 (Ban on Profit-Making Activities)
CHAPTER VIII SUPPLEMENTARY PROVISIONS
Article 104 (Penal Provisions)
Article 105 (Penal Provisions)
Article 106 (Fiction as Public Officials in Application of Penal Provisions)
ADDENDA
ADDENDA<Act No. 6018, Sep. 7, 1999>
ADDENDA<Act No. 6256, Jan. 28, 2000>
ADDENDA<Act No. 6274, Oct. 23, 2000>
ADDENDA<Act No. 6429, Mar. 28, 2001>
ADDENDA<Act No. 6836, Dec. 30, 2002>
ADDENDA<Act No. 6971, Sep. 3, 2003>