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BOK chief nominee Shin says he has sold significant portion of foreign assets in response to controversy

Published: 13 Apr. 2026, 14:35 Updated: 13 Apr. 2026, 14:55

Shin Hyun-song, the nominee for Bank of Korea governor, arrives at his confirmation hearing preparation office in central Seoul on April 8. [NEWS1]

Shin Hyun-song, the Bank of Korea (BOK) governor nominee, said on Monday that he has already sold a significant portion of his foreign currency-denominated financial assets and plans to further reduce his exposure.

Shin made the remarks in written responses submitted to the National Assembly ahead of his confirmation hearing scheduled for Wednesday after critics said his portfolio, heavily weighted toward foreign assets, could pose a potential conflict of interest for a future head of the foreign exchange authority.

The nominee earlier reported combined assets of 8.24 billion won ($6.1 million) held by himself, his spouse and his oldest son, with 55.5 percent of the total consisting of overseas financial assets and real estate.

“I fully understand the concerns that have been raised,” Shin said. “A conflict of interest must never occur, and all policy decisions will be made for the interests of the public as a whole.”

Shin said he has already sold a significant portion of his foreign assets and will gradually reduce the remainder.

The dollar-won exchange rate has been a key policy focus for Korean authorities amid heightened foreign exchange market volatility, driven by heavy overseas investment by local investors, massive equity sell-offs by foreign investors following marked gains and global uncertainties.

Regarding allegations that he purchased the Franklin FTSE Korea UCITS ETF, the London-listed Korea equity exchange-traded fund, shortly before his nomination, Shin said the purchase was unrelated to the timing of his nomination.

“The investment was made as part of portfolio management, as the Korean stock market had been outperforming its global peers,” he noted.

Addressing controversy over his ownership of multiple homes, Shin said he feels “a sense of responsibility as a public official nominee” and has put two of his three properties up for sale.

According to the confirmation hearing request submitted to parliament, Shin owns an apartment in southern Seoul's Gangnam District worth 1.51 billion won under his name and holds an officetel in central Seoul valued at 1.8 billion won jointly with his spouse. His spouse separately owns an apartment in Illinois worth 284.94 million won.

President Lee Jae Myung has reiterated his strong commitment to stabilizing the real estate market and issued verbal warnings against owners of multiple homes, saying “the root of all problems in this country lies in real estate.”

Shin, an Oxford-educated economist and former senior official at the Bank for International Settlements, has been tapped to replace outgoing BOK Gov. Rhee Chang-yong, whose four-year term ends on April 20.

Yonhap