Lee Ju-yeol, Governor of the Bank of Korea, Reappointed as Director of the BIS Board

Contributing to Key Issue Discussions Stability
Second Director Position from January Next Year
Must Step Down After Completing President Term

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Lee Ju-yeol, Governor of the Bank of Korea, has been reappointed as a director at the regular board meeting of the Bank for International Settlements (BIS), the Bank of Korea announced on the 9th. The Bank of Korea evaluated this as recognition of Korea's elevated international status and Governor Lee's contributions to discussions on key BIS issues.

A Bank of Korea official explained, "Before Governor Lee's appointment, he was not a member of the board and therefore could not participate in the decision-making process," adding, "Since joining the board in 2019, he has gained voting rights." The official further stated, "At BIS, there are active discussions on the global economy and financial market conditions, allowing Korea to actively express its opinions."

Governor Lee will serve his second three-year term as a director starting January next year. He was first appointed as a BIS director in January 2019 and participated in decision-making processes regarding BIS’s major projects and COVID-19 response strategies.

However, since the BIS board is composed of sitting central bank governors, Governor Lee will step down from his BIS directorship when his term as governor ends in late March next year, after which the BIS board will elect a new director.

The BIS board is the highest decision-making body responsible for determining BIS’s operational direction, budget, and overseeing the executive functions. It consists of 18 members: ex officio directors (six governors from founding member countries), appointed directors (currently the President of the Federal Reserve Bank of New York), and elected directors (up to 11 governors elected by the board from general member countries). Korea officially joined in 1997.

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