Lee Jong-ryeol Appointed as New Deputy Governor of the Bank of Korea

Lee Jong-ryeol, newly appointed Deputy Governor of the Bank of Korea (Photo by Bank of Korea)

The Bank of Korea announced on the 19th that it has appointed Lee Jong-ryeol, Director of the Financial Settlement Bureau, to the vacant position of Deputy Governor.

Lee Jong-ryeol, the newly appointed Deputy Governor, joined the Bank of Korea in 1993 and has worked in the Financial Settlement Bureau for a considerable period, being recognized as a leading expert in payment and settlement systems.

He has served sequentially as team leader, department head, and deputy director within the Financial Settlement Bureau, and was appointed Director of the Financial Settlement Bureau in February last year. He successfully carried out key tasks such as advancing IT development, laying the groundwork for the introduction of Central Bank Digital Currency (CBDC), and responding to challenges from big tech and fintech.

The Bank of Korea explained, "Based on his outstanding execution capabilities, he is expected to contribute to enhancing the Bank's role, including overseeing the introduction of CBDC, which is one of the biggest upcoming issues."

Deputy Governor Lee's term will last until July 19, 2025.

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