Bank of Korea Governor Nominee Shin Hyun-song Discusses Monetary Policy Direction

President Lee Jae-myung has nominated Shin Hyun-song, Head of the Monetary and Economic Department at the Bank for International Settlements (BIS), as the next Bank of Korea Governor nominee. Nominee Shin stated that he would focus on operating a balanced monetary policy, considering inflation, growth, and financial stability. He cited uncertainties stemming from conflicts in the Middle East, among others, as key variables in the current economic situation and emphasized policy responses to potential volatility in global financial markets and instability in foreign exchange markets.

Nominee Shin previously served as a Financial Advisory Panel member at the Federal Reserve Bank of New York and as a Resident Scholar at the International Monetary Fund (IMF), and is known for accurately predicting the 2008 global financial crisis. He is a financial expert who has analyzed global financial market trends at the BIS.

Nominee Shin is expected to undergo parliamentary confirmation hearings. The term of current Bank of Korea Governor Lee Chang-yong ends on the 20th of next month.

President Lee Jae-myung has also instructed that public officials who own multiple homes or high-priced non-residential properties be excluded from discussions on real estate policy. Changes in the interest rate environment can also impact national finances, including tax revenues related to real estate and financial assets.