"Kwon Minsu Named Deputy Governor of Bank of Korea: 'Will Consider Both Inflation and Growth' Ahead of Key Rate Decision on the 27th"

"International Finance Expert" Kwon Minsu Appointed as New Deputy Governor of the Bank of Korea

Will Participate as Ex Officio Member of the Monetary Policy Board in Next Week's Rate Decision

"Will Factor in Both Inflation and Growth... Will

"I will do my best to ensure that the tasks emphasized by the Governor bear fruit."

Kwon Minsu, the newly appointed Vice Governor of the Bank of Korea, is speaking at the inauguration ceremony held on the 21st at the Bank of Korea in Jung-gu, Seoul. Bank of Korea

Kwon Minsu (aged 56), the Deputy Governor for International Finance and Cooperation, has been appointed as the new Vice Governor of the Bank of Korea. At his inauguration ceremony on August 21, Vice Governor Kwon stated that he would dedicate the full strength of the organization to achieving the four major tasks highlighted by Governor Shin Hyun-song: prudent and flexible monetary policy, strengthening the role of financial stability, advancing the internationalization of the Korean won and innovation in payment and settlement systems, and making effective policy contributions to structural reform.

The Vice Governor of the Bank of Korea also serves ex officio as a member of the Monetary Policy Board. Starting with the upcoming Monetary Policy Board meeting on August 27, Kwon will participate as a board member in deciding the base interest rate. This month, in particular, expert forecasts are sharply divided regarding the possibility of a rate hike. That is why the market has greater interest than ever in the outlook of the newly appointed Vice Governor, who is one of the seven board members.

At the inauguration ceremony, Vice Governor Kwon first emphasized his commitment to ensuring that "the Bank of Korea will more faithfully fulfill its original roles of maintaining price stability and financial stability." Previously, at last month's board meeting, Governor Shin stated that the central bank would closely monitor both inflation trends (including core inflation) and growth indicators such as Gross Domestic Product (GDP) and Gross Domestic Income (GDI). The data available so far weighs in favor of a rate hike. However, the revised and updated economic outlook—scheduled to be released this month—is also a key reference point for the Monetary Policy Board members. Speaking to reporters after the ceremony, Kwon said, regarding the "main factors being considered for this month's rate decision," that "both inflation and growth will be fully taken into account." He added, "From the perspective of financial stability, we will carefully weigh the policy benefits and potential side effects that may arise from a rate increase and address them in a balanced and prudent manner."

Kwon also highlighted the importance of further strengthening the Bank's competencies in managing the financial and foreign exchange markets—his professional area of expertise. Kwon made both direct and indirect contributions to Korea’s inclusion in the FTSE World Government Bond Index (WGBI), and he pledged to build on these achievements by intensifying efforts toward Korea’s inclusion in the MSCI Developed Markets Index, which is the next major goal. Above all, he pointedly stated, "We will ensure that the internationalization of the Korean won proceeds without any setbacks."

Born in Seoul, Kwon graduated from Whimoon High School and earned a degree in Business Administration from Yonsei University before joining the Bank of Korea in 1995. While working, he also obtained an MBA at Yale University in the United States. He is recognized as one of the Bank's leading experts in foreign exchange and international finance, having served as Head of the Reserve Management Group and Deputy Governor for International Finance and Cooperation, where he was responsible for foreign exchange market stabilization measures. He has also been active in international organizations such as the Bank for International Settlements (BIS). His term will run for three years from August 21, 2026, to August 20, 2029.

This content was produced with the assistance of AI translation services.