Korea passes revision to central bank legislation

Bank of Korea, Seoul

On Wednesday, the South Korean National Assembly passed the new Bank of Korea Act, 21 months after it was drafted by legislators of the Strategy and Finance Committee in November 2009.

There are several major changes laid out in the legislation.

One is a big jump in the central bank's responsibility for financial stability. Article one of the Act stipulates that the Bank of Korea shall pay attention to financial stability in carrying out its monetary and credit policies.

The central bank welcome

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