On August 12, 2003, the National Assembly of the Republic of Korea passed the
revised Bank of Korea Act (to come into force as of January 1, 2004) that had
been tabled by two members of the National Asssembly on behalf of a large
bipartisan group of legislators on March, 2003.
As a result of this revision, the degree of independence of the Bank of Korea
is expected to be considerably enhanced.