Lee Chang-yong, Governor of the Bank of Korea, Elected as BIS Director..."Recognition of International Organization Experience"
Lee Chang-yong, Governor of the Bank of Korea, was elected as a director of the Bank for International Settlements (BIS), known as the "central bank of central banks," on the 9th (local time).
The Bank of Korea announced on the 10th that Governor Lee was elected as a director at the regular "BIS Board of Directors" meeting held at the BIS headquarters in Basel, Switzerland. Governor Lee began his official three-year term on that day.
The BIS has central banks from 60 countries worldwide as its members. The BIS Board of Directors is the highest decision-making body of the BIS, responsible for determining the BIS's strategy and policy directions and overseeing the executive operations.
Former Governor Lee Ju-yeol, who recently completed his term, was the first Bank of Korea governor to be appointed as a BIS director in 2018. Although he succeeded in his reappointment last November, he stepped down from the BIS director position as his term as governor ended.
The Bank of Korea explained Governor Lee's appointment as a BIS director as "a result of BIS recognizing the experience he has accumulated at major international organizations such as the International Monetary Fund (IMF) and the Asian Development Bank (ADB)."
With Governor Lee elected as a BIS director, it is expected to help in building networks and cooperation with governors of major central banks going forward.
The Board of Directors consists of a total of 18 members: 6 ex-officio directors, 1 appointed director, and 11 elected directors.
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Man in His 30s Dies After Assaulting Father and Falling from Yongin Apartment
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
The ex-officio directors are the governors of the central banks of the BIS founding member countries: the United States, the United Kingdom, Germany, France, Italy, and Belgium. The appointed director is the president of the Federal Reserve Bank of New York. The remaining 11 are elected from governors of central banks of general member countries. The term of office for directors is three years, and the board decides on reappointment.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
