Post #5745

🇰🇷South Korea's Lee Nominates BIS Official as BOK Chief South Korean President Lee Jae Myung nominated Shin Hyun-song, head of the monetary and economic department at the Bank for International Settlements, as the next governor of the Bank of Korea. Shin is set to replace current governor Rhee Chang-yong when his four-year term ends in April. Shin's academic background includes professorships at Princeton University, the London School of Economics, and Oxford University. He also previously served as an adviser for international economic affairs to former President Lee Myung-bak in 2010 and as a member of the Financial Advisory Roundtable at the Federal Reserve Bank of New York. Shin will undergo a parliamentary confirmation hearing, though the procedure is considered a formality as his formal appointment does not require National Assembly approval. The Bank of Korea held its benchmark interest rate steady at 2.5 percent at its most recent meeting, marking the sixth consecutive on-hold decision. #SouthKorea @asianomics