The Bank of Korea has striven actively to respond to the financial and economic turmoil through diverse policy instruments such as reduction of base rate, encouragement of flows of funds to financial markets, stabilization of foreign exchange and foreign currency funding markets, and so forth. But the Bank of Korea did not have powers enough to overcome the financial and economic turmoil. So there were lively discussions in the National Assembly on the amendment of the Bank of Korea Act in order to strengthen the functions of the Bank of Korea such as financial stability and bank supervision. After tardy discussions on the revision of the Bank of Korea Act, the Act was amended in August, 2011. Major Revisions to the Bank of Korea Act are specifying responsibility for financial stability, enhancing access to information, improving emergency liquidity support facilities, improving the reserve requirement system, strengthening currency management, increasing retention of net profit, and enhancing accountability. As the importance of macro-prudential policies has grown globally-based on lessons drawn from the 2008 global financial crisis-the revision of the Bank of Korea Act is directed toward strengthening the financial stability role of the central bank in line with this trend. But there are some legal issues on the financial stability provisions in the Bank of Korea Act. In this situation, this paper is to analyze the specific legal issues on the financial stability provisions, and to suggest the desirable amendments of the Bank of Korea Act. First, the financial stability responsibility of the Bank of Korea should be specified more clearly. Second, The economic growth and employment stability should be included in the purposes of the Bank of Korea. Last, the Bank of Korea should have the powers to investigate, by written and on-site methods, the participating or operating institutions of the payment systems operated by either the Bank of Korea or the operating institutions.