The Bank of Korea Act(Extracts)

  1. Currency
  2. The Bank of Korea Act(Extracts)

Article 47 (Issue of Currency)

The Bank of Korea shall have the sole right to issue currency.

Article 48 (Currency of Bank of Korea Banknotes)

Banknotes issued by the Bank of Korea shall be legal tender for all transactions without limitation.

Article 49 (Denomination of Bank of Korea Banknotes, etc.)

The Bank of Korea may issue banknotes in any dimension, design or denomination in such manner as may be determined by the Monetary Policy Board, subject to the approval of the Government.

Article 50 (Banknotes in the Possession of the Bank of Korea)

Bank of Korea banknotes held by the Bank of Korea shall not form part of either the assets or liabilities of the Bank of Korea.

Article 51 (Collection of Claims of the Bank of Korea, etc.)

The Bank of Korea shall accept its banknotes in collection of claims and receipt of deposits. The Bank of Korea shall, however, accept deposits only from those parties entitled to hold deposits with it.

The Bank of Korea shall on demand repay deposits with it immediately in its own banknotes. If there is any agreement on a time requirement governing the repayment of said deposits, however, the repayment may be made on or after the repayment date.

Article 52 (Exchange of Bank of Korea Banknotes, etc.)

The Bank of Korea shall exchange, on demand, Bank of Korea banknotes of any denomination for its banknotes of any other denomination requested as long as its holdings of the said banknotes permit.

The Bank of Korea shall permanently withdraw from circulation any of its banknotes which because of wear and tear or dirtiness or for any other reason are unfit for circulation, and replace them with new banknotes.

Article 53 (Issue of Coins)

The Bank of Korea may issue coins.
The provisions of Articles 48 through 52 shall mutandis apply to coins as provided for in Paragraph (1).

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