March 24, 2022 10:17
President Moon Jae-in has nominated Rhee Chang-yong, the director of the Asia and Pacific department at the International Monetary Fund, as the new governor of the Bank of Korea.
Cheong Wa Dae spokesman Park Soo-hyun told reporters that Rhee was chosen because he has "both policy and practical experience in domestic and international economic, financial and monetary affairs."
Rhee graduated in economics from Seoul National University and has a PhD from Harvard University. He taught economics at SNU and also worked as the chief economist at the Asian Development Bank before moving to the IMF. He will return from the U.S. on March 30 for a National Assembly confirmation hearing.
A senior Cheong Wa Dae official said, "We consulted president-elect Yoon Suk-yeol before announcing the nomination." But Yoon's camp claimed it was never consulted by Cheong Wa Dae, which merely notified him of the decision 10 minutes before the announcement.
Outgoing BOK Governor Lee Ju-yeol, who was reappointed in 2018 and has served two presidents, is generally well regarded. On Wednesday he told reporters that working in times of "heightened uncertainties while taking preemptive measures was not easy." Lee has worked for the BOK for 43 years.
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