By Cynthia Kim
SEOUL (Reuters) – South Korea has nominated Rhee Chang-yong, a veteran technocrat at the International Monetary Fund, as its new central bank chief, the country’s presidential office said on Wednesday.
Outgoing President Moon Jae-in had discussed the nomination with conservative President-elect Yoon Suk-yeol, who assumes his role in May for a five-year term, the presidential office said.
Rhee takes the helm with the central bank widely expected to continue its aggressive cycle of interest rate hikes to curb consumer inflation, which is currently running near a decade high.
He succeeds succeed Governor Lee Ju-yeol, whose term ends March 31.
While his nomination does not require parliamentary approval, Rhee will be subject to questions from lawmakers who will ask him about his economic expertise and ethical standards.
Members of the National Assembly often grill those tapped as top officials in parliamentary hearings. Such inquiries in the past have focused on a wide range of personal matters ranging from the nominee’s property transaction records, tax history and military service among family members.
The Bank of Korea, which has raised interest rates three times since August, has signalled subsequent more aggressive hikes might be faster as inflationary pressures build amid rising import costs and ongoing supply chain hiccups.
Rhee is currently the director of the Asia and Pacific Department at the IMF, overseeing its lending operations and surveillance work across Asia Pacific.
Before joining the IMF in 2014, Rhee served as chief economist at the ADB, and worked closely with finance ministry officials while serving as Sherpa for the country’s G-20 Presidential Committee when South Korea hosted the group’s summit in 2010.
(Reporting by Cynthia Kim; Editing by Clarence Fernandez and Sam Holmes)
