The South Korean Won is issued and controlled by the country’s central bank, known as the Bank of Korea. The central bank was established in 1950 in Seoul, where it is still headquartered today. Like other global central banks, the Bank of Korea has responsibilities in addition to currency management. One of the largest tasks for the central bank is maintenance of price stability. The central bank also, among other things, manages payment systems and handles oversight of the nation’s financial system.