By Kim Jae-won
Staff reporter
Bank of Korea (BOK) Gov. Kim Choong-soo vowed to strengthen the role of the central bank on its 60th anniversary, Friday.
"We have to identify what changes in the Bank of Korea's role this new era demands so as to take its place as a leading central bank in the 21st century," Kim said during a ceremony at the BOK building in downtown Seoul.
"Above all, the central bank should establish the appropriate scope of its role in financial stability, and at the same time obtain the required policy tools."
Kim emphasized the importance of maintaining a high level of foreign currency reserves, which can protect the nation from possible crises.
"Our experience of the previous foreign exchange crisis taught us the necessity of building up foreign currency as a buffer against external shocks."
The 62-year-old central bank governor, who took office in April, said he will keep cooperating with other countries to set up a global financial safety net.
"The drive for international policy cooperation must be strengthened in concert with each country's own efforts for financial stability," he said.
"All BOK employees should stand ready to bring about our advancement to the level of a leading central bank in the 21st century. As agents of change, all of us should be marching strongly toward the future, so that BOK may before long stand on a par with the central banks of advanced countries."