The Bank of Korea "Lee Seung-heon to Act as Deputy Governor During Governor Vacancy"... April Monetary Policy Committee to Include Member Joo Sang-young

[Image source=Yonhap News]

[Asia Economy Reporter Seo So-jeong] The meeting between President Moon Jae-in and President-elect Yoon Seok-youl, scheduled for the 16th, has been postponed, prompting the Bank of Korea to prepare for a 'governor vacancy' situation. This is because the current Governor Lee Ju-yeol's term expires at the end of this month, and the nomination of his successor is likely to be delayed.

On this day, the Bank of Korea stated regarding the acting governor, "In the event of a future governor vacancy, Deputy Governor Lee Seung-heon will perform the duties of the governor."

According to Article 15, Paragraph 4 of the Bank of Korea's Articles of Incorporation, "If the governor is unable to perform his duties due to unavoidable reasons, the deputy governor shall act on his behalf. However, this does not apply to duties performed by the governor as a member and chairman of the Monetary Policy Committee." Accordingly, in the event of a governor vacancy, Deputy Governor Lee Seung-heon will perform the governor's duties.

If the next governor is not inaugurated by the Monetary Policy Committee meeting scheduled for the 14th of next month, Monetary Policy Committee member Joo Sang-young will preside over the monetary policy direction meeting. According to Article 14, Paragraph 2 of the Bank of Korea Act, "If the chairman is unable to perform his duties due to unavoidable reasons, a member pre-designated by the Monetary Policy Committee shall act as chairman."

The Monetary Policy Committee plans to decide at its meeting on the 24th to appoint Member Joo as the acting chairman from April 1 to September 30. Currently, the acting chairman is Member Seo Young-kyung until the 31st of this month, and the next in line is Member Joo Sang-young.

A Bank of Korea official said, "If a governor vacancy occurs until the monetary policy direction meeting next month, the Monetary Policy Committee members will separately discuss and decide which member will conduct the press briefing."

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