The Bank of Korea(BOK) was chosen on Thursday as the“Central Bank of the Year” by financial information provider Central Banking Institute(CBI).
 
The BOK won the honor in recognition of its timely decision to raise key interest rates in August last year, the first to do so advanced economies.  The agency said the Korean central bank's measure contributed to keeping in check vulnerabilities associated with rising asset prices and household debt.
 
The institute also cited BOK’s actions to stabilize the financial market and the sound management of its monetary policy
 
It noted that the BOK has managed its policies to tackle climate change and experimented with a central bank digital currency(CBDC) that may be introduced in the future.  
 
Established in 1990 in the U.K., the CBI provides news and information about the world's central banks and international financial organizations. It has handed out the award since 2014.