The Revision of the Bank of Korea Act

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Details of the Revision of the Bank of Korea Act and its Significance

Financial System Stability Department (Financial System Team(Tel : 82-2-759-4206, Fax : 82-2-750-6580)) 2003.09.16 5736

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.

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