South Korea Keeps BIS Board Seat as Shin Begins Three-Year Term

Bank of Korea Governor Shin Hyun-song has been elected to the Bank for International Settlements’ 18-member board, Seoul’s central bank said.

The South Korea BIS board appointment gives Shin a three-year term and allows South Korea to maintain a seat on the BIS board since 2019.

The board sets the policy direction of the Switzerland-based institution, which comprises 63 central banks, and supervises its management.

South Korea joined the BIS in 1997. The BOK said Shin’s election reflected the central bank’s cooperation with the BIS, its contribution to international finance discussions and Shin’s reputation from previous roles at global institutions.

Shin was formerly head of the BIS monetary and economic department before being appointed BOK governor by President Lee Jae Myung in March.