Lee nominates Shin Hyun-song as central bank chief

President Lee Jae-myung on March 22 nominated Shin Hyun-song, head of the Monetary and Economic Department at the Bank for International Settlements, as his choice for governor of the Bank of Korea.

Lee Kyu-yeon, senior presidential secretary for public relations and communication, said the nomination comes at a time of heightened global economic uncertainty triggered by the Middle East crisis. He said Shin is well positioned to advance the central bank’s dual mandate of maintaining price stability while supporting economic growth.

Shin, a native of Daegu, has built a distinguished international career. He has taught at the University of Oxford and Princeton University, served as a financial adviser to the Federal Reserve Bank of New York, and worked as a resident scholar at the International Monetary Fund. During the Lee Myung-bak administration, he also served as presidential adviser for international economic affairs. He has repeatedly cautioned against asset bubbles, particularly in real estate markets.

The Bank of Korea governor is appointed by the president following a National Assembly confirmation hearing. Incumbent Gov. Rhee Chang-yong’s term expires on April 20.

Separately, Lee said he had instructed the presidential office and the Cabinet to exclude individuals with multiple homes, high-value non-owner-occupied properties, or excessive real estate holdings from all stages of housing and real estate policymaking, including deliberation, drafting, reporting and approval.

The presidential office said it is reviewing the property holdings of officials involved in housing policy and will remove those with relevant assets from related duties once the review is complete.


Hoon-Sang Park tigermask@donga.com