Selection process for next Bank of Korea governor begins as Governor Lee Chang-yong's term nears end

As Governor Lee Chang-yong's term at the Bank of Korea is set to expire on April 20, the selection process for the next governor begins. It typically takes about a month from the candidate's nomination through parliamentary confirmation hearings to inauguration.

Since taking office in 2022, Governor Lee has improved the Bank of Korea's existing culture and voiced opinions on various social issues beyond monetary policy. There have been three instances of previous BOK governors being reappointed.

Among potential candidates is Shin Hyun-song, head of the Bank for International Settlements' (BIS) Monetary and Economic Department. Born in 1959, Shin holds a Ph.D. in Economics from Oxford University and previously taught at Princeton University.

Kuh Sung-beom, former chairman of the Financial Services Commission, is also being considered. Born in 1962, Kuh passed the Higher Civil Service Examination (28th class) and has served as both a member of the Monetary Policy Board and the chairman of the Financial Services Commission.

Kim So-young, vice chairman of the Financial Services Commission, and Jang Yong-sung, a member of the Bank of Korea's Monetary Policy Board, are also mentioned as potential successors.