Published on 20/08/2020 3:56:32 PM | Source: Reuters

South Korea names veteran Lee Seung-heon as new No.2 man at Bank of Korea

Posted in Top Stories| #World Market #South Korea

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SEOUL - South Korea's President Moon Jae-in named Lee Seung-heon on Thursday as the new senior deputy governor at the central bank and voting board member on its monetary policy committee.

Lee, a veteran central banker with almost three decades of experience at the Bank of Korea, replaces retiring senior deputy governor Yoon Myun-shik whose three-year term ends on Thursday.

Lee's appointment to the second highest post at the BOK completes the leadership shake-up at the BOK for this year, following the replacement of three board members in April. The changes come amid growing speculation that the bank will dive deep into unconventional policy to stimulate Asia's fourth largest economy battling the resurgence of the coronavirus pandemic.

Lee, 55, served at the BOK in various positions from management to international finance since joining the bank in 1991. He held a post at the International Monetary Fund in 2011.

Lee will start voting on August 27 as part of the bank's seven-member monetary policy committee.

The BOK has slashed the benchmark interest rate by a total of 75 basis points to 0.50% since March this year to fight the fallout from the pandemic.

(Reporting by Cynthia Kim, Joori Roh; Editing by Alison Williams and Peter Graff)