Ministry of Finance Korea

Ministry of Finance Korea Overview
The Ministry of Finance Korea, or The Ministry of Finance and Economy in Korea, monitors the various economic and financial affairs of the state of South Korea. Its primary responsibility is to superintend the monetary plans of the South Korean government.
The Ministry of Finance and Economy of South Korea publishes “the Green Book,” a monthly report on the economy of South Korea.

The headquarters of the The Ministry of Finance and Economy are at the governmental complex of Gwacheon City, of the Gyeonggi Province.

Ministry of Finance and Economy Responsibilities
The Ministry of Finance and Economy of South Korea is charged with managing South Korea’s free economic zones, located in the following cities:
Incheon
Jeju
Busan-Jinhae

The Ministry of Finance and Economy participates in programs meant to promote foreign investment in South Korea. The Ministry also performs a few enforcement functions. The Financial Intelligence Unit and the National Tax Tribunal are also supervised by the The Ministry.

Ministry of Finance and Economy History
The Ministry of Finance and Economy was created in 1994, as a result of the unification of the Ministry of Finance and the Economic Planning Board.

The Ministry of Finance and Economy Aims
Following are the main aims of The Ministry of Finance and Economy of South Korea:
To build a Northeast Asian business hub
To ensure a market-oriented economy in line with global standards
To pave the way for the seamless combination of economic development and quality of life
To achieve sustainable growth driven by knowledge and technology
Ministry of Finance and Economy Legislation

The Ministry of Finance and Economy is responsible for making laws related to financial and economic affairs:
Enforcement Rule of the Credit Guarantee Fund Act
Korea Housing Finance Corporation Act
Enforcement Decree of the Korea Housing Finance Corporation Act
Enforcement Decree of the Act on External Audit of Stock Companies
Enforcement Rule of The Mutual Savings and Finance Company Act
Enforcement Decree of the Act on the Establishment, etc. of Financial Supervisors
Enforcement Decree of the Official Information Disclosure Act
Enforcement Rule of the Korea Housing Finance Corporation Act
Enforcement Rule of the Korea Technology Credit Guarantee Fund Act
Enforcement Decree of the Act on the Efficient Disposal of Non-performing Assets

 

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Last Updated on : 1st August 2013

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