BOK Begins Appointment Process for 4 Monetary Policy Committee Members Whose Terms Are Expiring

[Image source=Yonhap News]

[Asia Economy Reporter Kim Eun-byeol] The appointment process for the four members of the Financial Monetary Policy Committee of the Bank of Korea, whose terms expire next month, has begun.

According to the Bank of Korea on the 9th, the Bank sent official letters last week to the Ministry of Economy and Finance, the Financial Services Commission, and the Korea Chamber of Commerce and Industry requesting recommendations for successors to the four Monetary Policy Committee members?Go Seung-beom, Shin In-seok, Lee Il-hyung, and Jo Dong-cheol?whose terms end on the 20th of next month. Since the successor recommended by the Bank of Korea Governor (Committee member Lee Il-hyung) is also reaching the end of his term this time, the Bank is internally searching for a replacement.

The Monetary Policy Committee is chaired by the Governor of the Bank of Korea. Aside from the ex officio member, the Bank of Korea’s Vice Governor, members are recommended by the Bank of Korea, the Ministry of Economy and Finance, the Financial Services Commission, the Korea Chamber of Commerce and Industry, and the Korea Federation of Banks, and appointed by the President.

Before the terms of the four Monetary Policy Committee members expire, only one Monetary Policy Committee meeting to decide the direction of monetary policy remains, scheduled for the 9th of next month.

The Bank of Korea plans to announce the recommended candidates from each institution as early as the end of this month.