BUSINESS

BOK completes moving cash reserves to Gangnam

By Korea Herald
  • Published : May 19, 2017 - 15:10
  • Updated : May 19, 2017 - 15:23
The Bank of Korea has completed moving more than 10 trillion won ($8.88 billion) of cash -- previously stashed in an underground vault -- to its Gangnam office, bank officials said Friday.

The move comes as the central bank will be starting its three-year renovation of its headquarters in central Seoul from the second half of the year. This will include reconstruction of the main annex building to enhance security and safety, the BOK said. 

(123rf)

While most of the BOK’s departments are moving to the former headquarters of Samsung Life Insurance in central Seoul, its currency department is moving to the Gangnam office.

The currency department, which is in charge of issuing notes, will complete moving this weekend. Officials at the department will start working at the Gangnam office from Monday, BOK officials said.

Since it was founded in 1950, it is the first time that the BOK is moving, except for a forced relocation during the 1950-53 Korean War, when it moved to Busan.

By Kim Yoon-mi (yoonmi@heraldcorp.com)