Central bank relocates to Samsung building amid renovation

By Park Hyong-ki

The Bank of Korea (BOK) has moved all its banknotes worth some 10 trillion won from the safe in its main office building in Jung-gu to the central bank’s branch in Gangnam, Seoul, the central bank said Friday.

This comes as the BOK begins renovating its main building in Namdaemun-ro, Jung-gu, over the next three years.

BOK Governor Lee Ju-yeol, members of its monetary policy board and staff will move into Samsung’s building in Taepyeongno, near the Korean Chamber of Commerce and Industry.

Its financial stability, payment and settlements and foreign exchange units will also move into the Samsung building and begin operations there next month.

As the BOK cannot keep the banknotes in the Samsung building due to limited space, the central bank's unit at the head office authorized to manage its banknote issues will be joining the Gangnam branch to perform its task.

“The unit has moved into the Gangnam branch and will officially begin managing banknotes for the market next Monday, with the branch’s own banknote issuance authority,” a BOK official said.

The BOK has 16 branches here, and eight of them manage the monetary supply and demand in their regions.

The central bank keeps the banknotes made by the Korea Minting, Security Printing and ID Card Operating Corp. (KOMSCO), the state-run currency manufacturer, in its vault. The vault also houses banknotes from financial companies.

The BOK official said its gold is kept at and managed by the Bank of England. It moved its gold reserves to the BOE in the early 2000s.

The Korean central bank was established in Jung-gu in 1912. It is the second time the bank has moved and relocated its banknotes since the Korean War.