Cheong Wa Dae prepares to appoint new BOK governor

It has been confirmed that the presidential office Cheong Wa Dae has launched the process to appoint candidates for the next Bank of Korea governor. A group of candidates will be chosen, who will be determined by President Moon and the next president after the election in March.

According to sources from Cheong Wa Dae and financial circles on Tuesday, the Senior Secretary Office to the President for Human Resources Affairs has started recommending candidates for the next Bank of Korea governor as the current BOK governor Lee Ju-yeol’s term ends on March 31. “The Senior Secretary office for Human Resources Affairs is reviewing candidates. The guidelines and time of the appointment have not been determined, but data is being put together,” said a high-ranking government official in a telephone interview with The Dong-A Ilbo.

Based on relevant laws, the governor of Bank of Korea can serve consecutive terms only once. Thus a new candidate must be found to replace current governor Lee, who is serving for the second term since April 2018. 　

The candidate group will consist of 20 members recommended by the Senior Secretary of Human Affairs, which will be trimmed down to four or five at the Human Affairs Committee meeting presided by the Chief Presidential Secretary and verified by the Senior Secretary of Civil Affairs. The final candidate will be determined by the president, who will be appointed after a confirmation hearing at the National Assembly.


Min-Woo Park minwoo@donga.com