Kwon Min-su, the new deputy governor of the Bank of Korea, said after his inauguration on the 21st, "There are policy effects from raising interest rates, but there can also be side effects," adding, "This seems to be the time to decide policy in a balanced and prudent way, while being flexible if necessary."
Kwon was appointed the previous day to succeed former Deputy Governor Yoo Sang-dae. The Bank of Korea (BOK) deputy governor, a Vice Minister-level post, is appointed by the president upon the governor's recommendation. The term is three years, and the position also serves ex officio on the Monetary Policy Board.
Meeting with the Bank of Korea (BOK) press corps that morning, Kwon said, "(When deciding interest rates) we must take into account both growth and prices, and we will also consider financial stability."
In his inaugural address, he said it is "a time when prudent and flexible policy judgment is needed." Deputy Governor Kwon said, "Thanks to strong semiconductors, growth is better than expected, but inflation is above the target, and the risk of financial imbalances continues, centered on household debt and dwellings prices. We must also take into account exchange rate volatility and geopolitical and trade risks."
Born in 1970, Kwon graduated from Whimoon High School in Seoul and Yonsei University with a degree in business administration, then earned an MBA from Yale University in the United States. He joined the Bank of Korea (BOK) in 1995 and worked in the Economic Statistics Department, Foreign Currency Funding Department, and Reserve Management Group. He also was seconded to the Ministry of Foreign Affairs and Trade and the Ministry of Economy and Finance (now the Ministry of Strategy and Finance). After serving as head of the Reserve Management Group in 2023, he was appointed assistant deputy governor in 2024.
At the Bank of Korea (BOK), he is regarded as an expert in foreign exchange and international finance. The Bank of Korea (BOK) said, "After being appointed assistant deputy governor, he actively responded to heightened volatility in the foreign exchange market and took a leading role at international organizations such as the World Bank and the Bank for International Settlements (BIS)."