Shin Hyun-song Becomes Bank of Korea Governor, Promises Flexible Policy
Shin Hyun-song became the new governor of South Korea's central bank on Tuesday. He promised to use careful and flexible policies to guide the country's economy during uncertain times.
Shin Hyun-song officially started as governor of the Bank of Korea on Tuesday, taking charge of South Korea's central bank during what he called "a time of great transformation."
Shin comes from the Bank for International Settlements, where he led the Monetary and Economic Department. He's best known for correctly predicting the 2008 Global Financial Crisis before it hit the world economy.
The new governor faces tough challenges. South Korea is dealing with uneven economic growth and uncertain inflation rates. These problems make it harder to decide whether to raise or lower interest rates.
Shin promised to pursue "prudent and flexible" monetary policy during his term. This means he plans to be careful but ready to change course as economic conditions shift.
The Bank for International Settlements announced that Shin stepped back from his previous job immediately after being nominated in March. Frank will lead his former department while they search for a replacement.
The Bank of Korea controls interest rates and money supply, which affects how much you pay for loans and how much your savings earn. A new leader could mean changes to borrowing costs and economic policy.
Watch for Shin's first policy decisions on interest rates and economic guidance in coming months.
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