Bank of Korea moves cash reserves to Gangnam office

Finance

Bank of Korea moves cash reserves to Gangnam office

Published: 19 May. 2017, 19:27

Korea’s central bank said Friday that it has moved cash reserves to its office in southern Seoul as it prepares to begin a three-year renovation project.

The Bank of Korea (BOK) had kept cash worth more than 10 trillion won ($8.8 billion) in its underground vault in 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 headquarters’ 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. The central bank is set to complete its renovation by the first half of 2020. YONHAP