The Purpose of the Bank of Korea Act is to contribute to the sound development of national economy by establishing the Bank of Korea and seeking price stabilization through the establishment and execution of effective monetary and credit policy. The monetary and credit policy by the Bank is a kind of economic administration and belongs to macro economy policies. The Bank of Korea implements its operations under the Bank of Korea Act, the Bank of Korea Monetary Stabilization Bond Act, the Management of the National Funds Act, the Foreign Exchange Transaction Act, and so on according to the principle of the rule of law. Especially, article 30 of the Bank of Korea Act stipulates that "the Monetary Board may establish regulations as necessary to discharge its duties." The first chapter of this paper deals with the purpose and scope of this study. The second chapter studies the overviews of administrative legislation. In the third chapter, I research disputes on the forms of administrative legislation pursuant to Act. In the fourth chapter, I deal with the definition, character and effect of regulations of the Bank of Korea. The fifth chapter studies the contents and suggestions on the Supreme Court`s cases regarding regulations of the Bank of Korea. The Supreme Court pronounced that forms of administrative legislation pursuant to the Constitution are illustrative and the legislators are able to choose the forms of administrative legislation. Besides, the Supreme Court rendered judgement that the delegated legislation in forms of administrative regulations can be admitted in case of technical matters and the comprehensive delegation should not be permitted. The Regulation on Reserve Requirements of Financial Institutions, the Regulation on Rate of Interests on Deposits and Loans of Financial Institutions, etc. enacted by the Monetary Board, which have general and compulsory effects on financial institutions, have a character of regulative orders. And the legal relations between the Bank of Korea and financial institutions regarding above-mentioned operations of the Bank are public law relations. On the other hand, the Regulation on Issue of Bank of Korea Notes, the Regulation on Loans of the Bank of Korea for Financial Institutions, etc. enacted by the Monetary Board, which are adapted in the inside of the Bank in principle, have a character of administrative regulations. And the legal relations between the Bank of Korea and financial institutions regarding above-mentioned operations of the Bank are private law relations.