Bank of Korea Appoints Lee Seung-heon as New Deputy Governor, 'Foreign Exchange and International Expert' (Comprehensive)

[Asia Economy Reporter Eunbyeol Kim] The Bank of Korea announced on the 20th that Lee Seungheon, the Deputy Governor, has been appointed as the successor to Deputy Governor Yoon Myeonsik, whose term has expired. Deputy Governor Lee is known as one of the leading experts in foreign exchange and international finance within the Bank of Korea and is recognized as a trusted figure by Governor Lee Juyeol. The Deputy Governor, a vice-ministerial position, is recommended by the Governor and appointed by the President. The term is three years, and the position concurrently serves as an ex officio member of the Monetary Policy Committee.

Born in 1964, the new Deputy Governor Lee graduated from Kyungshin High School in Seoul and earned a degree in Economics from Seoul National University before obtaining a Master of Business Administration from Emory University in the United States. After joining the Bank of Korea in 1991, he gained extensive experience in monetary policy and international financial markets by working in various policy-related departments such as the Financial Markets Department, Policy Planning Department, and International Department. From 2011, he enhanced his international perspective through a secondment to the International Monetary Fund (IMF) Executive Director’s office. While serving as Director of the International Department from June 2017 for two years, he contributed to stabilizing the foreign exchange market and alleviating market anxiety amid frequent increases in domestic and international uncertainties.

It is also reported that he demonstrated his capabilities as an "international expert" during the early spread of the novel coronavirus disease (COVID-19) this year. At an executive meeting early in the COVID-19 outbreak, he reportedly emphasized the seriousness of the situation and expressed the opinion that "an all-out response to COVID-19 is necessary given the unprecedented circumstances." He also suggested that even if the base interest rate were lowered, a sudden outflow of foreign currency was unlikely to occur.

Since his promotion to Deputy Governor in June last year, Deputy Governor Lee has been responsible for planning, human resources management, public relations, and information technology, overseeing overall internal management and the establishment of organizational development strategies. He has demonstrated his capabilities in handling important management issues such as the formulation of the Bank of Korea’s mid- to long-term development strategy "BOK 2030," the construction of the next-generation Bank of Korea financial network, and the building of the integrated annex. In particular, he contributed to the stable operation of the organization by leading the COVID-19 emergency response team after the outbreak of the pandemic.

A Bank of Korea official stated, "Deputy Governor Lee’s international sensibility is expected to play a role in representing Korea’s position and enhancing its status in the international financial community." The term of the new Deputy Governor Lee begins on the 21st and lasts until August 20, 2023.

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