HISTORY

ABOUT MOSF HISTORY

The Ministry of Strategy and Finance began as two separate bodies in 1948 when the government of the Republic of Korea was established: the Ministry of Finance, which was responsible for managing financial resources and developing financial, monetary and FX policies, and the Economic Planning Board,which was responsible for planning budgets and economic development.The two bodies were integrated in 1994 to become the Ministry of Finance and Economy.
Later, in response to the financial crisis in 1997, the Ministry was split into the Ministry of Finance and Economy and the Ministry of Planning and Budget. As the necessity grew for economic and tax policies as well as fiscal strategies to be managed together under one roof, the two ministries were combined in 2008 to form the Ministry of Strategy and Finance of today.

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2008 - Present

Ministry of Strategy and Finance

In 2008, the Ministry of Finance and Economy (MOFE) and the Ministry of Planning and Budget (MPB) was again merged into the Ministry of Strategy and Finance (MOSF) in order to put under one roof fiscal policy functions and inter-ministerial policy coordination.On the other hand, the MOFE's authority on financial policies regarding the financial market was transferred to the Financial Services Commission.

1999 - 2008

Ministry of Planning and Budget

1998 - 1999

The Planning and Budget Commission National Budget Administration

1998 - 2008

Ministry of Finance and Economy

In 1999, the Planning and Budget Committee and the National Budget Administration was merged into the Ministry of Planning and Budget (MPB). In 1998, in a response to the financial crisis, the MOFE's functions were separated and transferred to other Ministries so as to mitigate the over-concentration of decision making authority by MOFE. Its budgetary authority was transferred to the National Budget Administration, its financial supervision authority to the Financial Supervisory Commission, and its trade negotiating authority to the Ministry of Foreign Affairs and Trade.

1994 - 1998

Ministry of Finance and Economy

In 1994, as the need arose for an integrated approach to implement the government's functions on economic affairs in an efficient and coherent way, the Economic Planning Board and the Ministry of Finance was merged into the Ministry of Finance and Economy (MOFE).

1961 - 1994

Economic Planning Board

1948 - 1994

Ministry of Finance

In 1948, three years after gaining independence from Japan, the Korean government was set up and it established the Ministry of Finance and the Economic Planning Board. The Ministry of Finance took charge of designing tax, financial and monetary policies as well as managing state-owned property and exchange rates. On the other hand, the Economic Planning Board was empowered in 1961 and assumed an important mandate of designing 5 y ear economic development plans in addition to its usual functions such as managing the government's budget and securing foreign loans.

Last updated : October 4, 2016
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