Bank of Korea Appoints Choi Changho as Deputy Governor for Monetary Policy and Markets

Deputy Governor Park Jonghu leaves after farewell ceremony

The Bank of Korea said on October 26 that Choi Changho, director general of the Monetary Policy Department, had been appointed its new Deputy Governor in charge of monetary policy and markets.

Choi Changho, newly appointed Deputy Governor of the Bank of Korea.

Born in 1972, Choi graduated from Neungin High School in Daegu and Seoul National University’s Department of Economics. He joined the Bank of Korea in 1998.

He has mainly worked in policy departments, including the Research Department and the Financial Markets Department, and served as director general of the Research Department before becoming director general of the Monetary Policy Department. He is regarded as one of the Bank of Korea’s leading macroeconomic experts. He is also credited with accumulating a high level of expertise in the real and financial economies, along with extensive practical experience, over many years.

The Bank of Korea particularly noted that, during his tenure as director general of the Research Department, he enhanced the reliability of economic forecasts. After taking up the post of director general of the Monetary Policy Department, he further advanced the monetary policy analysis framework and improved policy-related communications, raising the effectiveness of monetary and credit policy. He also made significant contributions to strengthening liquidity risk management amid the accelerating digital transformation, including by establishing an emergency lending support system secured by loan receivables.

The Bank of Korea said, "He has extensive work experience and knowledge spanning monetary and credit policy and the real and financial economies, as well as outstanding analytical skills." It added, "We expect him to faithfully assist the governor amid uncertainty in domestic and international financial and economic conditions, greatly contributing to enhancing the effectiveness of monetary and credit policy and implementing timely and effective policies." His term runs through October 26, 2029.

His predecessor, Deputy Governor Park Jongwoo, was nominated as an auditor of the Korea-U.S. Strategic Investment Corporation (KUIC). He attended a farewell ceremony and left the Bank of Korea that day.

Meanwhile, following Choi’s appointment, the Bank of Korea made a series of appointments to department head positions.

Bang Honggi, director general of the International Cooperation Department, was appointed director general of the Monetary Policy Department, the post previously held by Choi. The Bank of Korea said Bang had been recognized for his outstanding analytical capabilities and insight into a broad range of domestic and international financial and real economy issues through his work in the Monetary Policy Department and the Research Department, among others. It also noted that, as director general of the International Cooperation Department, he had taken a leading role in addressing key issues in discussions on monetary policy at major central banks. The Bank of Korea said, "Given this experience, we expect him to help improve the effectiveness of monetary policy by making more precise judgments amid domestic and international uncertainty."

Kang Nami, head of the Financial Inspection Office, was appointed the new director general of the International Cooperation Department. Kang has been recognized for her expert insight into domestic and international financial issues, built through many years of work in the International Cooperation Department and the Foreign Reserves Management Department, among others, and for her extensive experience collaborating with related institutions. The Bank of Korea said, "We consider her the right person to take the lead in addressing global issues under discussion and strengthen financial cooperation with international financial institutions and central banks in major countries."

Na Seungho, deputy head of the Economic Research Institute, was appointed the new head of the Financial Inspection Office. Na is credited with conducting in-depth analysis of economic issues through his work in the Research Department, the Financial Markets Department and the Economic Research Institute, among others. The Bank of Korea said, "During his tenure as head of the Sustainable Growth Office, he demonstrated a broad understanding of and expertise in the financial system through research on green finance and climate-related stress tests of financial institutions." It added that he would "faithfully carry out the analysis of risk factors affecting financial institutions."

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