The Bank of Korea is the nation's central bank and was founded on June 12, 1950. He took over the work and staff of the Bank of Korea, which served as the central bank in the Japanese colonial era.

The Chosun Bank only changed its name in 1911, shortly after the annexation of Korea, the former 'Korea Bank' which was established by the Japanese government in 1909 at the end of the Korean Empire. The Bank of Korea began issuing the bank notes in 1914, and it also carried out deposit and loan work for the general public until it was changed to the Bank of Korea after liberation.

The Bank of Korea (BOK) did a great job as a central bank during the Korean War, which broke out just two weeks after its foundation. In July, a month after the outbreak of the war, the Bank of Korea issued the Bank of Korea (BOK) instead of the Chosun Bank, which had been used since Korea's liberation from Japan's colonial rule, to revive the economic and financial functions of the recovery area as well as to raise wartime funds.