BOK awarded ‘Central Bank of Year’ for timely action to stabilize financial market

SEOUL-- The Bank of Korea (BOK) said Thursday it has been awarded the "Central Bank of the Year" by a British financial information provider for its "timely" action to stabilize the financial market and sound management of its monetary policy last year.

The top prize was awarded by the Central Banking Institute, launched in 1990 in Britain to provide news and information on central banks and international financial institutions. The award has been granted since 2014, and its recipient last year was the U.S. Federal Reserve.

The institute credited the BOK with making a timely decision to raise its key interest rate in August last year for the first time among advanced economies to increase borrowing costs since the outbreak of the coronavirus pandemic and monitoring vulnerabilities linked to asset price hikes and household debt.

The institute also took note of the BOK's policy management related to climate change, and research and experimentation on digital currencies.

Source: Yonhap News Agency