President Lee Nominates Hyun-Song Shin of BIS as Bank of Korea Governor Candidate: "Best Fit to Address Exchange Rate and Inflation Instability"

Regarded as the Right Candidate to Achieve Both
"Price Stability and National Economic Growth" with Monetary Policy

On March 22, President Lee Jaemyung nominated Hyun Song Shin, Head of the Monetary and Economic Department at the Bank for International Settlements (BIS), as the next Governor of the Bank of Korea. With just about a month remaining before the end of current Governor Lee Changyong's term, this appointment comes as a move to select a new leader for monetary policy in response to increased external uncertainty stemming from the Middle East crisis, as well as heightened volatility in exchange rates and inflation.

Hyun Song Shin, nominee for Governor of the Bank of Korea

At a briefing at the Chunchugwan Press Center at the presidential office on the same day, Senior Presidential Secretary for Public Relations Lee Guyoun stated, "President Lee has today nominated Hyun Song Shin, Head of the Monetary and Economic Department at the Bank for International Settlements, as Governor of the Bank of Korea," adding, "The nominee is an international finance expert and a globally recognized authority in macroeconomics, possessing both academic depth as a professor at Princeton University and practical insights from his work at institutions such as the Federal Reserve Bank of New York."

Secretary Lee went on to say, "Amid greater international economic uncertainty due to the Middle East crisis, he is the right person to simultaneously achieve the monetary policy goals of price stability and national economic growth."

Nominee Shin attended Emanuel School in the UK before majoring in Philosophy, Politics, and Economics (PPE) at Oxford University, where he also earned his master's and doctoral degrees in economics. He has served as a professor in the Department of Economics at Princeton University, resident scholar at the International Monetary Fund (IMF), financial advisory board member at the Federal Reserve Bank of New York, and international economic advisor at the presidential office during the Lee Myungbak administration. He currently serves as Economic Adviser and Head of the Monetary and Economic Department at the BIS.

The nomination of Shin is also interpreted as a measure to ease concerns about a potential leadership vacuum at the Bank of Korea, which have recently been raised both within and outside financial markets. Governor Lee Changyong's term ends on April 20, and the Governor of the Bank of Korea is appointed by the President following deliberation by the Cabinet and a confirmation hearing at the National Assembly. Since it typically takes about a month from nomination to inauguration, this appointment is seen as being timed to minimize the vacancy of the succeeding Governor.

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