Rhee Chang-yong, governor of the Bank of Korea, assessed Shin Hyun-song, who has been nominated as the next governor, saying he is "a person far more capable than I am" and that it "would be a blessing for the Bank of Korea (BOK)."
Meeting with reporters before a meeting with bank CEOs at the Bankers Association building in Jung-gu, Seoul, on the 23rd, Rhee said it was "very fortunate" that Shin was nominated and stated accordingly.
Shin, who was nominated the previous day as the Bank of Korea (BOK) governor candidate, expressed his gratitude in his remarks on the nomination to Rhee Chang-yong, who led the BOK for the past four years. He said, "I thank Governor Rhee Chang-yong for his hard work," adding, "Through proactive policy responses, the BOK established the framework for price stability and worked to stabilize the financial and foreign exchange markets, while also conducting in-depth research on the structural problems of our economy and presenting policy alternatives."
Shin went on to say, "I feel a heavy sense of responsibility in leading monetary policy at a grave moment," adding, "I will consider balanced monetary policy operations that take into account price stability, growth, and financial stability."
Shin resigned on this day from his position as head of the Monetary and Economic Department at the Bank for International Settlements (BIS) and is preparing to return to Korea. He is expected to return soon and focus on preparing for a National Assembly confirmation hearing scheduled for early to mid-next month. The new Bank of Korea (BOK) governor is appointed by the president after deliberation by the Cabinet, a National Assembly confirmation hearing, and the adoption of a confirmation report.