HISTORY
The Ministry of Finance and Economy traces its origins to 1948, when the Ministry of Finance and the Economic Planning Board were established with the founding of the government of the Republic of Korea.
The Ministry of Finance oversaw tax, treasury, financial, currency, and foreign exchange policies, while the Economic Planning Board was empowered in 1961 and assumed responsibility for budgeting and the formulation of economic development plans.
In 1994, the Economic Planning Board and the Ministry of Finance were integrated to form the Ministry of Finance and Economy. Following the 1997 financial crisis, the Ministry was reorganized into two separate entities: the Ministry of Finance and Economy and the Ministry of Planning and Budget.
In 2008, as the need grew to pursue economic policies in line with the demands of the time, supported by sound public finances, a rational tax system, and efficient fiscal strategies, the Ministry of Finance and Economy and the Ministry of Planning and Budget were merged to establish the Ministry of Economy and Finance. In 2013, the Ministry was elevated to Deputy Prime Minister-level status.
In 2026, in order to strengthen checks and balances between budgetary and economic functions and enhance the expertise of each function, the Ministry of Economy and Finance was once again divided into the Ministry of Finance and Economy (Deputy Prime Minister-level), and the Ministry of Planning and Budget (under the Prime Minister¡¯s Office).
2026 - Present
Ministry of Finance and Economy
Divided into the Ministry of Finance and Economy (Deputy Prime Minister-level), and the Ministry of Planning and Budget (under the Prime Minister's Office).
2008 - 2026
Ministry of Economy 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.
In 2018, the Ministry changed its official English name to the Ministry of Economy and Finance to
more accurately reflect its role and functions of overseeing the overall economic polices.
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.
