The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Kim Da-mi, Jeon So-nee team up for coming-of-age film 'Soulmate'

  • 3

    Park Hyung-sik to play crown prince in tvN series 'Our Blooming Youth'

  • 5

    Discussions on raising age for free subway rides gain momentum

  • 7

    Too many emergency text alerts? Gov't to halt daily COVID-19 notifications

  • 9

    First lady expands presence in domestic politics

  • 11

    'Ant-Man 3' promises bigger, better action with same family dynamic: cast

  • 13

    Seoul to discuss reforming free transportation benefits for seniors

  • 15

    FSC OKs Apple Pay to be available in Korea

  • 17

    US reaffirms nuclear security assurances to South Korea

  • 19

    Able C&C sale attracts dozens of potential buyers

  • 2

    Teens feel peer pressure to buy luxury goods endorsed by K-pop stars

  • 4

    Itaewon tragedy's bereaved families harassed by far-right protesters

  • 6

    SM to introduce multi-production system to increase business capabilities

  • 8

    Plan to construct new memorial center for ex-president faces backlash

  • 10

    Ex-justice minister gets 2-year prison term for academic irregularities surrounding family

  • 12

    Families of Itaewon crowd stampede victims clash with police over installation of memorial altar

  • 14

    Apple Pay can be launched in Korea: financial regulator

  • 16

    Naver to roll out conversational AI service

  • 18

    Yoon's office to press charges over report on fortune teller

  • 20

    Naver 2022 net profit down 96% on one-off factor

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Sun, February 5, 2023 | 17:22
Bank of Korea to use AI, big data for monetary policy
Posted : 2020-06-09 15:51
Updated : 2020-06-10 11:30
Lee Min-hyung
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link

Chief Digital Strategy Officer to drive innovation

By Lee Min-hyung

The Bank of Korea (BOK) said Tuesday it would take full advantage of emerging digital technologies ― such as artificial intelligence and big data ― when devising monetary policies, as part of a crucial task for its drive for mid- to long-term growth.

Under the BOK 2030 initiative, the central bank said it plans to speed up adoption of digital innovation by enhancing research into related technologies and utilizing them when devising policies and managing market risk factors.

The initiative is expected to pick up steam by the end of the year when the BOK will establish a digital innovation division. The central bank also plans to name a deputy governor-level official as head of the unit by creating the new position of chief digital strategy officer.

"We will carry out in-depth research on AI, big data and blockchain to be in line with the rapidly-changing digital innovation here and abroad, which will help the central bank deliver more sophisticated economic forecasts and statistical data," an official from the central bank said.

The BOK expects such technologies to help it produce more accurate and precise GDP growth forecasts on an annual and quarterly basis with the help of massive big data sets from a number of economic indices.

The bank also said it will set up a state-of-the-art digital infrastructure with a view to improving productivity of overall work processes.

"The central bank plans to build a smart work environment by introducing digital co-work spaces and online research platforms," the official said.

Tightening research on CBDC

The central bank also noted that it would make thorough preparations for the possible issuance of a central bank digital currency (CBDC).

Central banks across the world are paying attention to the emerging digital currency. It has been less than a year since the notion of a central bank-issued digital currency started making headlines here and abroad.

The BOK did not confirm whether it would issue the currency, but underlined that it will continue mapping out detailed action plans to potentially issue one should it become necessary.

"To proactively deal with any changes in the payment market in the future, we will keep researching CBDC and review any technological and legal requirements in advance," the official said.

The central bank began a 22-month pilot test on developing its own CBDC in March 2020.

The decision was part of the BOK's efforts not to fall behind in the looming digital payment world, as some central banks, including those of China and some European countries, are accelerating moves to issue their own digital currencies.

"Some central banks are pushing for the use of a CBDC, and in the private sector, use of digital currency and fintech is rising rapidly," the BOK said in a statement. "Against this shift in the external market environment, the BOK has also felt the need to actively deal with a possible payment paradigm shift."

To back up the digital vision, the central bank plans to recruit more doctoral-level researchers for its IT sector, it said.

"The public expects the BOK to come up with more realistic and effective monetary policies after carrying out thorough research on not just the traditional monetary sector, but even social phenomena ― such as the low birthrate, aging population, climate change and rapid digital innovation ― all of which have to do with society and economy," the central bank noted.


Emailmhlee@koreatimes.co.kr Article ListMore articles by this reporter
 
Top 10 Stories
1Discussions on raising age for free subway rides gain momentum Discussions on raising age for free subway rides gain momentum
2US reaffirms nuclear security assurances to South KoreaUS reaffirms nuclear security assurances to South Korea
3Will KT, POSCO replace CEOs as Shinhan, Woori did? Will KT, POSCO replace CEOs as Shinhan, Woori did?
4William Franklin Sands' diplomatic and undiplomatic views of late Joseon William Franklin Sands' diplomatic and undiplomatic views of late Joseon
52-year work experience prerequisite unnecessary for foreign shipyard welders 2-year work experience prerequisite unnecessary for foreign shipyard welders
6President Yoon at odds with politician who helped him win election President Yoon at odds with politician who helped him win election
7LG publishes Korea's first group-level net zero report LG publishes Korea's first group-level net zero report
8Conflict reignites over relocation of POSCO Holdings to Pohang Conflict reignites over relocation of POSCO Holdings to Pohang
9Hyundai Motor's technology helps team become WTCR double champion Hyundai Motor's technology helps team become WTCR double champion
109 fishermen, including 2 Vietnamese, missing in boat incident 9 fishermen, including 2 Vietnamese, missing in boat incident
Top 5 Entertainment News
1Kim Da-mi, Jeon So-nee team up for coming-of-age film 'Soulmate'Kim Da-mi, Jeon So-nee team up for coming-of-age film 'Soulmate'
2Park Hyung-sik to play crown prince in tvN series 'Our Blooming Youth'Park Hyung-sik to play crown prince in tvN series 'Our Blooming Youth'
3'Ant-Man 3' promises bigger, better action with same family dynamic: cast 'Ant-Man 3' promises bigger, better action with same family dynamic: cast
4[INTERVIEW] Disney+ 'Big Bet' director on portraying greed and desire INTERVIEWDisney+ 'Big Bet' director on portraying greed and desire
5TXT, Le Sserafim top Oricon album and singles chart TXT, Le Sserafim top Oricon album and singles chart
DARKROOM
  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

  • World Cup 2022 France vs Morocco

    World Cup 2022 France vs Morocco

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group