Shin Seong-hwan Appointed as Monetary Policy Committee Member: "Will Find Balance Amid Inflation, Economic Slowdown, and Debt"

Receiving Appointment Letter on the 28th and Starting Term

Shin Sung-hwan, newly appointed member of the Monetary Policy Committee of the Bank of Korea (Photo by Bank of Korea)

Shin Sung-hwan, the newly appointed member of the Monetary Policy Committee of the Bank of Korea, received his appointment letter on the morning of the 28th and officially began his term. Shin, who took office on the same day the U.S. Federal Reserve (Fed) implemented a giant step (a 0.75 percentage point increase in the base interest rate), attended the Monetary Policy Committee meeting from his first day to discuss response measures to domestic and international economic conditions.

In his inaugural speech, Shin said, "I feel a great sense of responsibility in taking on the important role of a monetary policy committee member during a difficult time for the domestic and international economy," adding, "I think it has been decades since the central bank has faced such a challenging task."

He pointed out, "Inflationary pressures are increasing not only on the supply side but also on the demand side," and added, "As a result, expected inflation is rising, making appropriate monetary policy responses necessary. However, on the other hand, there are various factors to consider, such as the possibility of economic slowdown, the need to guide a soft landing of excessive private debt, and the risk of capital outflows." He continued, "We must operate monetary policy by finding an appropriate balance among these factors to ensure that our economy remains stable."

Shin, a graduate of Seoul National University’s Department of Economics, holds a Master’s degree in Business Administration and a Ph.D. in Finance from the Massachusetts Institute of Technology (MIT). He is regarded as a leading financial expert. He served as a professor in the Business Administration Department at Hongik University for over 20 years and has held positions such as president of the Korea Financial Association and the Korean Pension Association, director of the Korea Institute of Finance, and senior financial officer at the World Bank.

Having worked as a member of the economic division of President Yoon Suk-yeol’s transition committee and shown a market-friendly stance, he is considered a dove (favoring monetary easing). Shin said, "Although the burden is great, I am grateful for the opportunity to discuss and deliberate on monetary policy," and added, "I will do my best to ensure that the Korean economy can navigate steadily." Shin’s term will last until May 12, 2026.

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