[Exclusive] All Heads of Bank of Korea Overseas Offices Gather... First Expanded Executive Meeting Since COVID-19

[Asia Economy Reporter Seo So-jeong] The Bank of Korea convened an expanded executive meeting with all overseas office heads participating in person for the first time in two and a half years since the COVID-19 outbreak. With global economic volatility significantly increasing due to the U.S. tightening cycle and the Ukraine crisis, tension is palpable as this is the first expanded executive meeting chaired by Governor Lee Chang-yong.

According to the Bank of Korea on the 19th, 55 executives including overseas office heads dispatched to the U.S., Germany, the U.K., Japan, as well as auditors and regional headquarters chiefs, will hold an expanded executive meeting at the Incheon Talent Development Institute on the 27th to review global economic issues.

The Bank of Korea has regularly held expanded executive meetings twice a year, but since the COVID-19 outbreak in 2020, the meetings have been conducted in a hybrid format combining in-person and remote participation. The last meeting attended in person by overseas office heads dispatched to major countries was on October 25, 2019, making this the first time in two and a half years that all participants will be gathered in person.

Accordingly, five officials including the New York office head and Washington representative in the U.S., the Frankfurt office head in Germany, the Tokyo office head in Japan, and the London office head in the U.K. will gather in Korea to report on local financial market conditions, excluding the Beijing office head and Shanghai representative in China due to the severe COVID-19 situation there.

It is said that Governor Lee’s strong will played a role in convening the overseas office heads. Governor Lee, who took office last month as an external appointee for the first time in eight years, has been leading organizational changes through active communication efforts. He also renamed the expanded executive meeting to “Department Heads Workshop” starting this year to strengthen communication.

A Bank of Korea official stated, "This is a regular executive meeting following the easing of quarantine measures," adding, "It will include revitalizing regional headquarters and reviewing global economic issues."