The Bank of Korea has appointed Deputy Governor Kwon Min-soo (56) as its new senior deputy governor. His three-year term begins Aug. 21, filling the vacancy left by former Senior Deputy Governor Yoo Sang-dae’s retirement just one day after it opened.<\/p>\n
The Bank of Korea announced the appointment on Aug. 20. The senior deputy governor is a vice-ministerial position appointed by the president upon the recommendation of the governor, and serves as an ex officio member of the Monetary Policy Board. Kwon’s term runs through Aug. 20, 2029.<\/p>\n
Born in 1970, Kwon graduated from Whimoon High School and Yonsei University’s business administration program before earning a master’s degree in business administration from Yale University in the United States. Since joining the Bank of Korea in 1995, he has held positions including head of the foreign exchange market team in the international department, head of the investment strategy team, government bond team 1, and investment planning team at the Foreign Asset Management Department, as well as director general of the foreign asset planning bureau and deputy director of the Foreign Asset Management Department. He served as director of the Foreign Asset Management Department from June 2023 to May 2024, and has since served as deputy governor for international finance and cooperation.<\/p>\n
Kwon is regarded as a leading international finance expert with extensive experience in foreign exchange markets and foreign currency asset management. During his tenure as director of the Foreign Asset Management Department, he pursued strategies to enhance returns while securing the safety and liquidity of foreign currency assets in response to changes in international financial markets, and established and expanded an ESG investment framework.<\/p>\n
As deputy governor, he led market stabilization efforts amid heightened foreign exchange market volatility driven by domestic and international geopolitical uncertainty. He also handled cooperation with international organizations including the Bank for International Settlements (BIS) and the World Bank, and was active in global consultative bodies such as the G20 and EMEAP.<\/p>\n
The Bank of Korea said of Kwon: “Drawing on his long-standing experience in foreign exchange markets and foreign currency asset management, as well as the networks he has built with domestic financial institutions, global investors, and international organizations, he will play a key role in the international finance arena.”<\/p>\n
With Kwon beginning his term on Aug. 21, the Monetary Policy Board returns to its full seven-member composition. The benchmark interest rate decision meeting scheduled for Aug. 27 will therefore proceed with a complete board. Former Senior Deputy Governor Yoo Sang-dae’s term expired on Aug. 20.<\/p>\n