To carry out monetary policy properly, central banks prepare a strategy through which they attain their goals. Initially, the BoK set its priority on stabilising exchange rates and maintaining a balance of payments surplus, but this goal was gradually overshadowed by the goal of price and output stability. Accordingly, the BoK shifted its strategy from exchange rate and monetary targeting to inflation targeting. This chapter examines the historical development of the monetary policy strategies in Korea, and the current monetary policy framework adopted by the BoK.