South Korea Names BIS Economist Shin Hyun-song as Next Bank of Korea Governor

South Korea's presidential office announced on 22 March that President Lee Jae Myung has nominated Shin Hyun-song, Economic Adviser and Head of the Monetary and Economic Department at the Bank for International Settlements, as the next Governor of the Bank of Korea. Shin will succeed Rhee Chang-yong, whose four-year term at the helm of the institution concludes in April 2026.

Shin joined the Bank for International Settlements in Basel in 2014 and serves as its Economic Adviser and Head of the Monetary and Economic Department. Senior presidential secretary Lee Kyu-youn said Shin was capable of "achieving the monetary policy goals of curbing inflation and boosting the national economy at the same time."

SHIN'S CAREER

Before joining the BIS, Shin was an economics professor at Princeton University, a senior adviser on the international economy to former President Lee Myung-bak and a member of the Financial Advisory Roundtable at the Federal Reserve Bank of New York. The BIS Board has recognised his "outstanding contributions to academic leadership and research during his 12 years at the BIS".

The BIS said Shin would step back from his duties with immediate effect and that Frank Smets would lead its Monetary and Economic Department as Acting Head in the interim. Shin had already been due to retire from the BIS at the end of August 2026, with Hélène Rey named on 16 March as his successor.

LEADERSHIP CHANGE AT THE BANK OF KOREA

Rhee Chang-yong has led the Bank of Korea since April 2022.

The appointment process includes a confirmation hearing in the National Assembly before formal appointment by the President; the hearing does not require a parliamentary vote.