The Governor of the Bank of Korea presides at the board meetings as the chairman. A regular meeting usually takes place on the Thursdays of the second and fourth weeks of each month, and an extraordinary meeting can be called if the chairman deems it necessary or if one is requested by at least two members. For such meetings, the agenda is drawn up by the chairman or by at least two members, and the decisions made at the meeting are adopted through a simple majority with at least five members attending. Meanwhile, the minutes detailing the discussions at the meeting are drawn up and the parts relevant to monetary policy are published on the website of the Bank of Korea after a certain length of time.

Apart from the regular meetings, council meetings are also held to deliberate on submitted agenda items, such as monetary policy, as well as significant topics including domestic and international economic and financial issues. Furthermore, special council meetings are convened to conduct in-depth examinations of matters requiring extended discussion, such as budget plans of the Bank of Korea.

The Monetary Policy Board is a policy-making body that deliberates and decides on major matters concerning the monetary policy of the Bank of Korea. The Board is composed of seven members including the Governor and the Senior Deputy Governor of the bank.

The Governor, who concurrently serves as the chairman of the board, is appointed by the President after deliberation by the State Council and a confirmation hearing at the National Assembly. The Senior Deputy Governor is appointed by the President on the recommendation of the Governor. Five other members are appointed by the President on the recommendations of the Minister of Economy and Finance, the Governor of the Bank of Korea, the Chairman of the Financial Services Commission, the Chairman of the Korea Chamber of Commerce and Industry, and the Chairman of the Korea Federation of Banks, respectively.

The term of the Governor is four years and that of the Senior Deputy Governor is three years. They may be reappointed for a single consecutive term. The terms of the other members are four years, and he or she may be reappointed for consecutive terms.