Prime Minister Kim Min-seok said Monday that the appointment of Shin Hyun-song as the new Governor of the Bank of Korea (BOK) provides significant support at a critical time, praising him as a world-class monetary policy expert.
"At a time when careful management of macroeconomics and finance, including prices and exchange rates, is needed due to the energy and supply chain crisis caused by the war in Iran, it is a great source of strength that a world-class monetary policy expert is taking charge of the Bank of Korea," Kim said.
The prime minister shared the remarks on his Facebook account, where he disclosed that he had spoken by phone with both the incoming and outgoing BOK governors. "I congratulated Governor Shin on his inauguration today and asked him to play an active role," Kim said. "I told him that the Bank of Korea and the government should cooperate closely going forward."
Kim also expressed gratitude to former BOK Governor Rhee Chang-yong, who completed his term. "I conveyed my thanks to former Governor Rhee, who devoted his utmost efforts to the Korean economy over the past four years amid the harsh crises of the war in Ukraine and the illegal martial law declaration," Kim said. "His efforts in raising the stature of the Bank of Korea will remain a valuable asset."
He added, "I am confident that the Bank of Korea will develop further as the dedication of the one departing meshes with the passion of the one arriving. I also thank all BOK staff who are joining forces to overcome the economic emergency."
