Shin Hyun-song, head of the Bank for International Settlements, nominated as governor of the Bank of Korea... Anticipating cooperation with the international financial community

Suh Kyung-sam has been nominated as the new Governor of the Bank of Korea, attracting attention for his international experience and strong professional background. President Lee Jae-myung nominated Director Suh Kyung-sam as the new Governor on March 22. The candidate has demonstrated exceptional performance in economic stability and financial soundness, earning trust in the international financial community.

Born in Daegu, Suh Kyung-sam studied political economy and philosophy at the University of Oxford in the UK, earning master’s and doctoral degrees in economics. He later served as an economics professor at the London School of Economics and Princeton University in the United States, establishing himself as a world-class scholar. His career extends beyond academia; he has served as a financial advisor at the Federal Reserve Bank of New York and as a resident scholar at the International Monetary Fund (IMF), actively participating in international financial policy discussions.

Notably, in 2014, he was appointed as an economic advisor and head of investigations at the Bank for International Settlements (BIS). This position is highly significant within the BIS, often called the “central bank of central banks,” and it was the first time a scholar from a non-European or American background held this role. Suh Kyung-sam also accurately predicted the 2008 financial crisis during the 2006 IMF annual meeting, demonstrating his insight into financial matters.

Beyond academia, Suh Kyung-sam is well-known for his extensive network with international economic policymakers. These broad experiences and connections are expected to greatly benefit South Korea’s economic and financial policies. This appointment is seen as an opportunity to strengthen Korea’s central bank’s international cooperation and financial stability. The policy directions Suh Kyung-sam will pursue as Governor of the Bank of Korea are highly anticipated.