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Bank of Korea (1909–1950)

History and background

The bank was established by the Japanese government in 1909 as the Kankoku Ginkō, taking the place of the privately-held Japanese Daiichi Kokuritsu Ginkō (First National Bank), which had established a branch in Korea in 1878, and which had operated as a de facto central bank for Joseon dynasty Korea from 1905-1910. After the annexation of Korea by Japan in 1910, the bank was reorganized and its name was changed to reflect the official name for Korea as decided by the Japanese colonial authorities.

The bank remained a privately-held corporation with stock owned by a number of Japanese banks and companies; however, its board was appointed by the Japanese government.

The bank was responsible for issuing currency in Korea, regulated domestic prices, and serviced international trade with branches in Manchukuo, and major ports in China and in Japan, as well as in London and New York.

The bank was dissolved by order of the Allied occupation authorities in 1950, and replaced by the newly formed Bank of Korea. Its Japanese assets were used to create Nippon Credit Bank, now known as Aozora Bank.

See also

• Korean Yen

References

• Bank of Korea, A Brief History of Korean Currency