Cheong Reviews Successor to Governor Lee Ju-yeol... Likely to Be Appointed After Presidential Election

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] It was reported on the 9th that the Blue House is reviewing the appointment of a successor to Lee Ju-yeol, Governor of the Bank of Korea, whose term ends on the 31st of next month.

A senior official at the Blue House stated that practical procedures are underway regarding the appointment of the governor's successor, adding, "No specific individual has been decided yet."

Governor Lee's term ends on March 31, and since he was reappointed once in 2018, further reappointment is not possible under the Bank of Korea Act.

Looking at the appointment process for the Bank of Korea governor, the Personnel Office first selects multiple candidates, then the Personnel Recommendation Committee discusses them, followed by verification by the Civil Affairs Office, and a few candidates are recommended to the president. The president then nominates one final candidate, who is confirmed after the National Assembly's consent and a confirmation hearing, finalizing the successor.

Considering the confirmation hearing, the successor to the Bank of Korea governor should be nominated by at least mid-next month to minimize concerns about a vacancy. However, since Governor Lee's term extends beyond the presidential election, there is a prospect that the successor's nomination may occur after the election.

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