Lee Su-hyung and Kim Jong-hwa Appointed as New Monetary Policy Committee Members: "Increased Domestic and External Uncertainty... Feeling Heavy Responsibility"

Appointment of New Bank of Korea Monetary Policy Committee Members
Lee Su-hyung "Serious Domestic and International Conditions... Feeling Heavy Responsibility"
Kim Jong-hwa "Will Consider Roles in Digital Finance, etc."

Newly appointed members of the Financial Monetary Policy Committee of the Bank of Korea, Lee Su-hyung and Kim Jong-hwa, expressed their determination as committee members in their inaugural speeches on the 25th.

According to the Bank of Korea on the 25th, the two members shared their aspirations as monetary policy committee members during their inaugural speeches that morning.

In his inaugural speech, Member Lee Su-hyung stated, "Our country has developed to an extent incomparable to the past," but also diagnosed, "However, external uncertainties such as geopolitical instability, global inflationary pressures, and uncertainties in major countries' monetary policies are intensifying, and internal uncertainties such as price stability and delayed domestic demand recovery remain high." He added, "The Bank of Korea must actively fulfill its role as a guardian who closely monitors both domestic and international economic conditions to promote price stability and financial stability more than ever."

Member Lee said, "When I graduated from university and began public service, the IMF foreign exchange crisis occurred," adding, "Having experienced this process firsthand, I deeply realized how significant the role of policymakers is as guardians responsible for macroeconomic stability in our small open economy, and I have kept this deeply in mind ever since."

He also expressed, "I feel a heavy responsibility in taking on the important role of managing our country's monetary policy under severe domestic and international financial and economic conditions," and stated, "Although the burden is heavy as I take on this role during a critical time, I will do my best to meet the expectations of the people together with all Bank of Korea employees."

In his inaugural speech, Member Kim Jong-hwa said, "It is an honor and a pleasure to meet you again as a member of the Bank of Korea's Financial Monetary Policy Committee, where I first stepped into society," but also added, "Considering the high uncertainties surrounding the domestic and international economy and the challenging tasks ahead, I feel a stronger sense of mission and heavy responsibility."

Member Kim stated, "Going forward, I will do my best to gather wisdom with you to respond flexibly to changes in domestic and international economic and financial conditions and to achieve price stability and financial stability through the establishment of efficient monetary and credit policies," adding, "While contemplating what our role should be in future financial sectors such as digital finance and sustainable finance, I will also contribute as a monetary policy committee member to help the Bank of Korea further develop through capacity building."

Meanwhile, Member Lee was born in 1975 and graduated from Seoul National University with a degree in International Economics. He entered public service by passing the 42nd Administrative Examination as the runner-up and worked at the Ministry of Strategy and Finance. He mainly built his expertise in the International Finance Bureau for seven years, then went to the United States to earn his master's and doctoral degrees at Stanford University. He has served as a professor at the University of Maryland, Sogang University, and is currently a professor at Seoul National University. At the Ministry of Strategy and Finance, he handled international negotiations such as the G20 meetings and the WTO Doha Round, and also worked as a consultant for international organizations including the World Bank (WB) and the Asian Development Bank (ADB).

Member Kim was born in 1959 and served as Deputy Governor during the tenure of former Governor Kim Joong-soo. He graduated from Seoul National University with a degree in Economics and joined the Bank of Korea in 1982, working as head of the Market Operations Team, Director of the International Department, and Deputy Governor. After leaving the Bank of Korea, he served as President of the Korea Financial Telecommunications and Clearings Institute. He is recognized as a figure deeply involved in the formulation of monetary and foreign exchange policies at the Bank of Korea and possessing operational expertise. During the 2008 global financial crisis, he contributed to swiftly supplying liquidity to the market through open market operations.

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