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Economics professor, ex-BOK official named as new monetary policymakers

April 22, 2024

The Bank of Korea (BOK) said Friday that an economics professor and a former BOK official have been recommended to replace two outgoing monetary policymakers of the central bank.

Lee Soo-hyung, a professor at Seoul National University, and Kim Jong-hwa, a former BOK deputy governor, were named to sit on the BOK’s seven-member rate-setting board.

If appointed by President Yoon Suk Yeol, Lee and Kim will start their four-year terms by replacing Suh Young-kyung and Cho Yoon-je, respectively.

Lee and Kim were recommended each by the Ministry of Economy and Finance and the Korea Chamber of Commerce and Industry (KCCI), a major South Korean business lobby, according to the central bank.

Eyes are on the monetary policy stance of the new board members.

Early this month, the BOK kept its policy rate unchanged at 3.5 percent for the 10th consecutive time since February last year but said it is hard to predict a policy pivot during the second half of the year, as its current restrictive stance will be maintained for a sufficient period of time amid inflation uncertainties.

This photo, provided by the Bank of Korea (BOK), shows Lee Soo-hyung (L), a professor at Seoul National University, and Kim Jong-hwa, a former BOK deputy governor, who are recommended as new monetary policy board members of the central bank (PHOTO NOT FOR SALE) (Yonhap)
This photo, provided by the Bank of Korea (BOK), shows Lee Soo-hyung (L), a professor at Seoul National University, and Kim Jong-hwa, a former BOK deputy governor, who are recommended as new monetary policy board members of the central bank (PHOTO NOT FOR SALE) (Yonhap)