Lee Ju-yeol, Governor of the Bank of Korea, Reappointed as BIS Board Director... To Serve Until End of Term

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Lee Ju-yeol, Governor of the Bank of Korea, will serve as a director of the Bank for International Settlements (BIS) until the end of his term.

The Bank of Korea announced on the 8th that Governor Lee Ju-yeol was reappointed as a director at the regular BIS board meeting held on the 6th (local time). Accordingly, Governor Lee plans to serve as a director until the end of his term in late March next year. His official term as governor is expected to begin again in January next year, following the previous term (January 2019 to December 2021).

However, since the BIS board is composed of incumbent governors, if a governor retires, a new director must be re-elected through the BIS board. A Bank of Korea official explained, "When Governor Lee's term as governor ends in late March next year, he will also retire from the BIS directorship," adding, "After that, the BIS board will elect a new director."

Meanwhile, the BIS board is the highest decision-making body responsible for determining the operational direction, budget, and supervising the executive functions of the BIS. The BIS board consists of a total of 18 members, including ex officio directors, appointed directors, and elected directors.

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