Monetary Policy Board (June 1950 to May 1962)Minutes from the first meeting of the Monetary Policy Board (June 1950)
- Monetary Policy Board (June 1950 to May 1962)
- Following the enactment of the Bank of Korea Act in May 1950, the inaugural Monetary Policy Board was established on June 5. At its first meeting, held on the same day, the Monetary Policy Board deliberated and resolved such matters as the Articles of Incorporation for the Bank of Korea, the date of business commencement, the establishment of branches and its organization. At its inception, the Monetary Policy Board comprised of seven regular members, of which two were ex-officio members (the Minister of Finance, and the Governor of the Bank of Korea), and the remaining five* were recommended members.
- Two were selected by financial institutions, and then one each were recommended by the Korea Chamber of Commerce and Industry, by the Minister of Agriculture and Forestry, and by the Economic Committee of the Ministry of Planning.
Monetary Policy Steering Committee meeting (December 1981)Monetary Policy Steering Committee meeting (December 1981)
- Monetary Policy Steering Committee (May 1962 to March 1998)
- In May 1962, following the first amendment to the Bank of Korea Act, the "Monetary Policy Board" was renamed as the "Monetary Policy Steering Committee." The number of board members was increased from seven to nine, comprising of two ex-officio members (the Minister of Finance, and the Governor of the Bank of Korea) and seven* recommended members.
- One was recommended by the Minister of Finance and Economy, and two each were recommended by financial institutions, by the Minister of Agriculture and Forestry, and by the Minister of Commerce and Industry.
First meeting of the Monetary Policy Board after the sixth amendment to the Bank of Korea Act (April 1998)First meeting of the Monetary Policy Board after the sixth amendment to the Bank of Korea Act (April 1998)
- Monetary Policy Board (April 1998 to present)
- In December 1997, as a result of the sixth comprehensive amendment to the Bank of Korea Act, the name of the "Monetary Policy Steering Committee" was reverted to the "Monetary Policy Board," and the Governor of the Bank of Korea came to serve concurrently as the chairman. The number of Board members was adjusted from nine to seven*, and all members of the Monetary Policy Board became full-time members.
- Ex-Officio Members: Governor of the Bank of Korea.
Recommended Members: One each recommended by the Minister of Finance and Economy, the Governor of the Bank of Korea, the Chairman of the Financial Supervisory Commission, the Chairman of the Korea Chamber of Commerce and Industry, the Chairman of the Korea Federation of Banks, and by the Chairman of the Korea Securities Dealers Association. - In September 2003, with the seventh amendment to the Bank of Korea Act, the Senior Deputy Governor of the Bank of Korea was empowered to also serve as an ex-officio member, and the recommendation from the Chairman of the Korea Securities Dealers Association was abolished.