Some 650 members who had been working in its bank supervisory field moved over to the new integrated agency. In tandem with the passage of the new legislation for the financial supervisory system, the Bank of Korea Act was revised so as to give the central bank a greater degree of independence in monetary policy.
Previously the finance minister had been the chairman of the central bank’s policy-setting body. Under the revised Act, the central bank governor became its chairman. Consequently, the policy setting body, the Monetary Policy Committee, was able to make decisions on monetary policy without prior consultation with the government.