The Bank of Korea plans to strengthen its foreign exchange department to more efficiently manage its ever-growing currency reserves and better cope with market volatility.
The central bank announced plans to overhaul its organization for the first time in 13 years, focusing on slimming down departments and enhancing international affairs capability.
The nation’s foreign currency reserves reached an all-time high of $295.9 billion at the end of January, up $4.39 billion from a month earlier.
The U.S. has recently criticized Korean policymakers for actively intervening in the foreign exchange market.
The central bank said it plans to widen the scope of the division and hire more private-sector specialists including one who will head the department
Last December it appointed an economist of the International Monetary Fund as head of the Institute for Monetary and Economic Research, a unit of the central bank.
The BOK also said it has decided to revamp most of its departments aiming at globalization of Korea’s central bank amid rapidly changing financial environments at home and abroad.
By Kim Yon-se (email@example.com