Central Banking

Bank of Korea admits system crash

The Bank of Korea has confirmed that its computer network suffered an unprecedented five-hour crash on Friday reducing the central bank to executing transactions with faxes.

It happened Friday, starting in the 3 p.m. hour, Seoul time, and the network wasn't back up normally until after 8 p.m. Even then, the central bank did manual back-up transactions just in case, a practice that apparently continued into Monday.

A spokesman blamed the problem on a software glitch in BoK's internal trading pro