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Lee nominates Shin Hyun-song as Bank of Korea (BOK) chief
President Lee Jae Myung nominated Shin Hyun-song of the Bank for International Settlements (BIS) to be the new governor of the Bank of Korea (BOK). Shin would replace current Governor Rhee Chang-yong at the end of his four-year term in April.
Shin Hyun-song is head of the monetary and economic department at the BIS. Lee Kyu-youn, senior presidential secretary for public relations and communication, stated that Shin is the right person to simultaneously achieve price stability and growth of the people's economy amidst global economic uncertainty. Shin's nomination will require a parliamentary confirmation hearing. Because formal appointment does not require National Assembly endorsement, the hearing is considered a formality. Shin's academic history includes professorships at Oxford University, the London School of Economics, and Princeton University. Shin also served as an adviser for international economic affairs to former President Lee Myung-bak in 2010 and as a member of the Financial Advisory Roundtable at the Federal Reserve Bank of New York.
Key Facts
- President Lee Jae Myung nominated Shin Hyun-song as the new Bank of Korea (BOK) governor.
- Shin Hyun-song is an official at the Bank for International Settlements (BIS).
- Shin would succeed Rhee Chang-yong in April.
- The Bank of Korea's benchmark interest rate is steady at 2.5 percent.
- Shin previously advised former President Lee Myung-bak on international economic affairs in 2010.
- Shin was a member of the Financial Advisory Roundtable at the Federal Reserve Bank of New York.
- Shin's nomination requires a parliamentary confirmation hearing.
Primary Source
Research Sources
- Yonhap News Agency — (LEAD) Lee taps BIS official Shin Hyun-song as BOK chief | Yonhap News Agency