The Bank of Korea Named "Central Bank of the Year" for Timely Interest Rate Hikes

[Image source=Yonhap News]

[Asia Economy Reporter Seo So-jung] The Bank of Korea announced on the 31st that it has been selected as the 'Central Bank of the Year' by Central Banking, which evaluates the monetary policy operations of central banks worldwide every year.

Established in 1990 in the United Kingdom, Central Banking provides news and information related to central banks and international financial institutions around the world. Since 2014, it has annually selected and announced awards such as 'Central Bank of the Year' and 'Foreign Exchange Reserves Manager of the Year' targeting central banks and global asset management firms worldwide.

Last year, the U.S. Federal Reserve (Fed) was selected as the 'Central Bank of the Year,' and the Bank of Korea was selected as the 'Foreign Exchange Reserves Manager of the Year' in 2018.

Central Banking cited the sound management of monetary policy and the response to financial stability risks carried out by the Bank of Korea as the reasons for its selection.

The Central Banking judging committee evaluated, "The Bank of Korea was the first among advanced countries to timely raise the base interest rate in August last year after the COVID-19 pandemic, and contributed to monitoring and responding to vulnerabilities related to asset price increases and household debt growth." They also added, "Attention is drawn to the policy operations addressing climate change and the thorough preliminary experiments on the 'digital currency' that could be introduced in the future."

This content was produced with the assistance of AI translation services.