BOK governor elected to BIS board

The chief of the Bank of Korea (BOK) has been elected to the highest decision-making body of the Bank for International Settlements (BIS), Seoul's central bank said on Tuesday.

BOK Gov. Shin Hyun-song was elected to the 18-member board of the Switzerland-based BIS on Monday and began his three-year term, the BOK said in a press release.

With Shin's election, Korea has maintained a seat on the board since 2019.

The board makes decisions on the policy direction of the BIS, comprising 63 central banks across the world, and supervises the institution's management. Korea joined the BIS in 1997.

According to the BOK, Shin was elected to the board in recognition of the central bank's continued cooperation with the BIS, its contributions to discussions on international finance and his reputation, built over his career at global organizations including the BIS.

Shin previously served as the head of the monetary and economic department at the BIS before being appointed as governor of the Korean central bank by President Lee Jae Myung in March.

Yonhap