'Interest Rate Decision' Which Real Estate Properties Do BOK Monetary Policy Committee Members Own?

New BoK Monetary Policy Committee Member Jo Yoon-je Holds Assets Worth Approximately 3 Billion KRW with Spouse

Lee Ju-yeol, Governor of the Bank of Korea, is taking a commemorative photo with the newly appointed Monetary Policy Committee members at the inauguration ceremony held on April 21 at the Bank of Korea headquarters in Jung-gu, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Kim Eunbyeol] As the ongoing low interest rate policy is cited as one of the causes of the rapid rise in real estate prices, attention is also focused on the real estate owned by the members of the Monetary Policy Committee of the Bank of Korea, who decide the base interest rate.

According to the Bank of Korea and public officials' asset disclosure records on the 21st, Jo Yoon-je, who was appointed as a Monetary Policy Committee member last April, owns real estate assets worth about 3 billion KRW, including more than two houses and land under his and his spouse's names.

Jo reported owning two detached houses in Bukahyeon 3-dong, Seodaemun-gu, Seoul during his tenure as ambassador to the United States. One house (land 192㎡, building 297.36㎡, 447 million KRW) is solely under his name, and the other (land 701㎡, building 326.2㎡, 1.6 billion KRW) is jointly owned equally with his spouse.

The couple also declared land assets worth 1.05511 billion KRW, including land in Pyeongchang-dong, Jongno-gu, Seoul (367㎡, 835.29 million KRW), forest land in Yeongdeok-dong, Giheung-gu, Yongin-si (912㎡, 85.18 million KRW), and forest land in Gomae-dong, the same district (275㎡, 134.64 million KRW).

Go Seung-beom, who was reappointed in April, owns the Shinhyundai Apartment in Apgujeong-dong, Gangnam-gu, Seoul (182.95㎡, 2.272 billion KRW) together with his spouse. Go’s spouse also received a gift of a share of a commercial building in the Good Morning City Shopping Mall in Euljiro 6-ga, Jung-gu, Seoul (3.5㎡, 42.23 million KRW) from her mother-in-law. Additionally, Go owns land worth 166.39 million KRW in Okgu-eup and Seosu-myeon, Gunsan-si, Jeonbuk, and Hongbuk-myeon, Hongseong-gun, Chungnam.

Im Ji-won, a former JP Morgan employee, reported owning an apartment in Samsung Raemian, Dowon-dong, Yongsan-gu, Seoul (114.99㎡, 696 million KRW) and inherited shares of land and building of a detached house in Sangdo-dong, Dongjak-gu (25.08㎡ land, 15.06㎡ building, 69.79 million KRW).

As an ex officio member, Bank of Korea Governor Lee Ju-yeol declared ownership of one apartment in Raemian Gangnam Hills, Jagok-dong, Gangnam-gu, Seoul (101.94㎡, 952 million KRW). His family resides in this house, while the governor and his spouse currently live on a lease (900 million KRW deposit) in Centras, Ha Wangsimni-dong, Seongdong-gu (115.99㎡).

Bank of Korea Deputy Governor Yoon Myeon-sik is also a single-home owner. He has lived for over 30 years in a detached house located in Godeok-dong, Gangdong-gu, Seoul (building 247㎡, land 183㎡, 740 million KRW) without moving.

Joo Sang-young and Seo Young-kyung, who were appointed as Monetary Policy Committee members last April, are expected to disclose their asset reports around the end of this month. Changes in Jo’s assets will also be confirmed at this time. Previously, Jo sold all his stocks, which had caused controversy, before attending Monetary Policy Committee meetings.

Although Monetary Policy Committee members are not public officials, they receive treatment equivalent to vice-minister level as public officials. They are provided with vehicles, secretaries, drivers, business promotion expenses, and their annual salary reaches around 300 million KRW. The five Monetary Policy Committee members, including the ex officio Bank of Korea Governor and Deputy Governor, are appointed by the president.

This content was produced with the assistance of AI translation services.