Shin Hyun-song, a BIS Monetary and Economic Department director, has been nominated by President Lee Jae-myung to become the next governor of the Bank of Korea. The nomination comes as Governor Rhee Chang-yong’s term ends. Shin is described as a world-renowned authority in international finance and macroeconomics, with both academic depth and practical insight. He has worked as a professor at Princeton University and held positions at the IMF and the Federal Reserve Bank of New York.
He is also regarded as having expertise in central bank digital currency (CBDC). On stablecoins, he takes a conservative stance, saying it is difficult to maintain a 1-to-1 value in crisis. Shin will be formally appointed after a parliamentary confirmation hearing, with a four-year term and the possibility of one renewal. The BOK governor concurrently serves as chair of the Monetary Policy Board.
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