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BOK chief nominee's assets — mostly in foreign currencies — raise red flags

Published: 05 Apr. 2026, 17:52

Nominee for Bank of Korea Gov. Shin Hyun-song walks into a meeting in Jung District, central Seoul, on April 1. [YONHAP]

The assets of the nominee for the Bank of Korea (BOK) governor, Shin Hyun-song, have raised red flags, with an overwhelming majority of his financial assets denominated in foreign currencies, raising the prospect of conflict-of-interest concerns.

According to the nomination briefing submitted to the National Assembly, Shin and his family hold assets worth 8.24 billion won ($5.46 million), of which 4.57 billion won are overseas assets. Notably, 98 percent of non-real estate assets, or 4.65 billion won, are held in foreign currencies, potentially posing an issue in his upcoming confirmation hearing.

Domestic financial assets are relatively limited. His won-denominated assets consist of approximately 331 million won in deposits and small-scale investments, including shares in Samsung Electronics and LG Energy Solution.

Overseas assets are heavily concentrated in deposits. Shin holds 2.04 billion won in foreign currency deposits, while his spouse holds 1.86 billion won. These are accompanied by approximately 302.97 million won in British government bonds, as well as foreign currency deposits and stocks held by his eldest son.

This asset structure is seen as closely tied to Shin’s career. Having spent about 44 years abroad conducting studies and research as well as working at international organizations, it would be considered natural that a large share of his assets is held in foreign currencies.

However, as the nominee to lead the BOK, which oversees foreign exchange policy, concerns have been raised about potential conflicts of interest, given that the value of his assets could fluctuate significantly with exchange rate movements.

Real estate holdings are also a point of contention. Shin owns homes in the Gangnam and Jongno districts in Seoul, while his spouse jointly owns an apartment in the U.S. state of Illinois. The domestic officetel and the U.S. apartment are reportedly set to hit the market.

As Shin’s total assets grew from 2.22 billion won in 2010 to over 8 billion won in about 16 years, the process of wealth accumulation is also expected to face scrutiny during the hearing.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY JEONG JAE-HONG [[email protected]]