Hwang Geon-il Appointed as Monetary Policy Committee Member: "Domestic and External Conditions Are Challenging... Structural Issues Abound"

Term Starts on the 13th... Participation in Next Week's Base Interest Rate Decision

Hwang Geon-il, new member of the Monetary Policy Committee. Photo by Bank of Korea

Hwang Geon-il, the newly appointed member of the Financial Monetary Policy Committee of the Bank of Korea, stated on the 13th that "the domestic and international conditions of our economy are challenging, and several structural problems are piled up."

In his inaugural speech, Commissioner Hwang said, "I feel a heavy responsibility as I take on the important role of a member of the Financial Monetary Policy Committee, which is in charge of monetary policy, one of the pillars of our country's macroeconomic policy."

He emphasized, "Recently, our economy has shown positive signs such as a continued slowdown in inflation and a recovery in growth centered on exports, but the inflation rate significantly exceeds the target, and risks related to real estate loans and household debt remain in terms of financial stability. Externally, geopolitical risks and the restructuring of supply chains due to the globalization fragmentation of the global economy make the domestic and international conditions of our economy challenging."

He added, "There are also several structural problems such as low birth rates, aging population, and a slowdown in potential growth rate. Given the critical timing, the role of the Bank of Korea is important, and I will do my best to contribute to the national economy."

Born in 1961, Commissioner Hwang graduated from Daedong High School in Busan and earned a degree in Economics from Yonsei University. He entered public service through the 31st Administrative Examination. He has served as head of the Foreign Exchange System Innovation Team at the Ministry of Strategy and Finance, economist at the European Bank for Reconstruction and Development (EBRD), minister-counselor at the Embassy in the United States, director-general of the International Finance Bureau at the Ministry of Strategy and Finance, and director of International Economic Affairs.

He will succeed former commissioner Park Chun-seop, whose term ends on April 20, 2027, and will participate in the Bank of Korea's Monetary Policy Committee meeting on the 22nd to decide the base interest rate.

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