The Bank of Korea and the board that fixes its Base Rate

Background

Behind the decision to hold Korea's Base Rate at 3.00% sits a standing set of facts worth learning.
The Bank of Korea is the central bank of the Republic of Korea and has its head office in Seoul.
It issues the country's currency, the won.
Rate decisions are not taken by the Governor alone but by the Monetary Policy Board, which has seven members.
The board meets through the year and states its reasoning in a published monetary policy decision.
Hyun Song Shin was nominated as Governor of the Bank of Korea while he was at the Bank for International Settlements in Basel, where he led its monetary and economic work.
Under Korean practice a confirmation hearing in the National Assembly comes before the President formally appoints a Governor.