Koh Seung-beom, Monetary Policy Committee Member, to Retire This Week... MPC Likely to Operate with 6 Members on the 26th

Go Seung-beom, the nominee for the Chairman of the Financial Services Commission, is arriving at the Korea Deposit Insurance Corporation in Seoul on the morning of the 10th, where the office for preparing the confirmation hearing has been set up.
[Image source=Yonhap News]

[Asia Economy Reporter Eunbyeol Kim] Go Seung-beom, a member of the Monetary Policy Committee (hereafter MPC) of the Bank of Korea who has been nominated as the Financial Services Commission Chairman, is expected to officially retire this week. Accordingly, the MPC meeting scheduled for the 26th will proceed with six members instead of seven.

A Bank of Korea official stated on the 17th, "We have decided to complete Go's retirement procedures within this week."

Go, a former standing member of the Financial Services Commission, was appointed as an MPC member on April 21, 2016, and was reappointed last April for a three-year term. After retiring from the MPC, Go plans to focus on preparing for the confirmation hearing scheduled for the 27th as the nominee for Financial Services Commission Chairman.

The Bank of Korea is conducting the process of recommending a successor along with Go's retirement procedures. Go was one of the seven MPC members recommended by the Bank of Korea Governor, and the successor will also be recommended by the Governor and appointed by the President.

However, due to scheduling, it is unlikely that the successor will be appointed before the MPC meeting on the 26th. Therefore, only six members are expected to attend the monetary policy direction meeting on the 26th, where the possibility of a base interest rate hike will be discussed.

Since there will be six MPC members attending this meeting, a majority vote is required, meaning that at least four members must agree to an interest rate hike for the base rate to be increased.

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