Jinil Kim, New Monetary Policy Committee Member: "Concerns Over Middle East-Driven Inflation and Ongoing Economic Polarization... Will Contribute to Achieving Monetary Policy Goals"

Appointment Letter Received on May 15,

Kim Begins Tenure as Monetary Policy Committee Member

On May 15, Jinil Kim, who officially began his tenure as a member of the Monetary Policy Committee at the Bank of Korea after receiving his letter of appointment, expressed, "I feel a strong sense of duty as I take on a significant role at such an important time." He added, "I will do my utmost to contribute to achieving the goals of monetary policy, drawing on my research experience in macroeconomics and my work experience at the U.S. Federal Reserve (Fed)."

Jinil Kim, Monetary Policy Committee Member of the Bank of Korea. Bank of Korea

In his inauguration speech on the same day, Kim stated, "It is a great honor to be entrusted with the role of a monetary policy decision-maker, but I also feel a profound sense of responsibility." He continued, "The policy environment currently faced by the Bank of Korea is by no means simple."

He noted, "First, concerns over inflation have intensified due to high oil prices resulting from the Middle East war." He added, "While the economic situation is improving, particularly in the IT sector, uncertainty over global investment remains high and domestic issues such as polarization persist." Kim also analyzed that from a financial stability perspective, household debt and housing price issues remain unresolved, and that there is growing caution regarding capital inflow and outflow risks due to increased global connectivity.

Kim emphasized, "Under such complex domestic and international conditions, I realize how challenging it is to achieve the central bank's fundamental policy goal: 'to contribute to the national economy by pursuing price stability through monetary and credit policy while paying attention to financial stability.'" He reiterated, "I will do my utmost to help achieve the goals of monetary policy."

Recommended by the Korea Federation of Banks as the successor to Sung Hwan Shin, Kim is recognized as one of the country’s leading experts in macroeconomics and monetary policy. Born in 1967, he earned a bachelor’s degree in economics from Seoul National University, then a master’s degree in economics from the same university, and later received his doctorate in economics from Yale University in the United States. His professional experience includes serving as an economist at the Fed, an adjunct professor at Georgetown University, and an assistant professor of economics at the University of Virginia. From 2003, he worked for seven years as a senior economist at the Fed. Since 2010, he has been a professor in the Department of Economics at Korea University’s College of Political Science and Economics. Kim’s term as a Monetary Policy Committee member runs until May 12, 2030.

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