THE INVESTOR

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BOK shifts cash reserves from HQ

PUBLISHED : May 19, 2017 - 13:59

UPDATED : May 19, 2017 - 13:59

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[THE INVESTOR] Korea’s central bank said on May 19 it has moved cash reserves to its office in southern Seoul as it prepares to begin a three-year renovation project at its head office.

The Bank of Korea had kept cash worth more than 10 trillion won (US$8.8 billion) in its underground vault at its headquarters in central Seoul, but it has completed moving the cash to its office in the busy commercial district of Gangnam.

The move came as the BOK prepares to move most of its HQ departments to a nearby Samsung building under the renovation project. The department in charge of issuing notes is set to start work at the central bank’s office in Gangnam.

BOK is set to complete its renovation of its main office and rebuild two annex buildings by the first half of 2020.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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