The Bank of Korea (BOK) Act has been revised, with the passage on August 31, 2011, in the Plenary Session of the National Assembly, of the bill to amend the Act–21 months after it was drafted by legislators of the Strategy and Finance Committee in November 2009.

As the importance of macroprudential policies has grown globally–based on lessons drawn from the 2008 global financial crisis–this revision of the Bank of Korea Act is directed toward

strengthening the financial stability role of the central bank in line with this trend.

Refer to the attached file for major details of Bank of Korea Act revision.