Professor Shin Seonghwan of Hongik University appointed as Monetary Policy Committee member... August Monetary Policy Committee 'Complete 7 Members' (Update)

Shin Seonghwan

[Asia Economy Reporter Seo So-jeong] Next month, the Financial Monetary Policy Committee of the Bank of Korea will decide the base interest rate with all seven committee members attending for the first time in three months.

The Korea Federation of Banks (Chairman Kim Kwang-soo) announced on the 26th that it has recommended Professor Shin Seong-hwan of the Department of Business Administration at Hongik University as the successor to Monetary Policy Committee member Lim Ji-won, in accordance with Article 13 of the Bank of Korea Act.

Professor Shin, born in 1963, graduated from Seoul National University with a degree in Economics and earned his master's and doctoral degrees from the Massachusetts Institute of Technology (MIT) in the United States.

He is a leading financial expert who has researched financial management and international finance for over 20 years at Hongik University. He has served as president of the Korea Financial Association and the Korea Pension Association, director of the Korea Institute of Finance, senior financial officer at the World Bank, member of the Financial Development Committee of the Financial Services Commission, and operating committee member of the Korea Investment Corporation. He also served as an economic transition committee member for President Yoon Seok-yeol’s transition team.

Professor Shin said, "I feel a great sense of responsibility in taking on the role of Monetary Policy Committee member amid a severe economic situation that requires responding to accumulated private debt and inflation risks," adding, "I will do my best to help our economy overcome domestic and external risk factors and maintain stability."

With Professor Shin joining as the new Monetary Policy Committee member following the expiration of Lim Ji-won's term, all seven committee members will convene together to decide the base interest rate at the Monetary Policy Committee meeting scheduled for the 25th of next month.

The Monetary Policy Committee consists of seven members: two ex officio members including the Bank of Korea Governor and Deputy Governor, and five members recommended by institutions (the Bank of Korea Governor, the Chairman of the Korea Federation of Banks, the Minister of Strategy and Finance, the Chairman of the Korea Chamber of Commerce and Industry, and the Chairman of the Financial Services Commission).

Currently, aside from Bank of Korea Governor Lee Chang-yong and Deputy Governor Lee Seung-heon, Monetary Policy Committee member Seo Young-kyung is from the Bank of Korea. Members Park Ki-young, Cho Yoon-je, and Joo Sang-young are all former university professors, and with Professor Shin joining, four of the Monetary Policy Committee members are professors.

The term for institution-recommended Monetary Policy Committee members is four years, with the possibility of reappointment. According to Article 15, Paragraph 2 of the Bank of Korea Act, if a new member is not appointed immediately after the expiration of the predecessor’s term (when the predecessor and the recommending institution are the same), the new member’s term begins immediately after the predecessor’s term ends. Accordingly, Professor Shin’s term began on May 13 and will last until May 12, 2026.

A Bank of Korea official stated, "Monetary Policy Committee members must be appointed by the president after being recommended by the Federation of Banks," adding, "The appointment process is expected to be completed within this week, so from the August Monetary Policy Committee meeting, the committee will be able to hold meetings without any vacancies, operating as a full body."

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