-- The Bank of Korea appointed Hyun Song Shin as its new governor on Tuesday, who took over the top financial role from Rhee Chang-yong, according to a Bank of Korea press release.
Hyun will lead the central bank's monetary policy and board over the next four years. He will chair his first policy meeting on May 28.
In his inaugural address, Hyun said that the country must strive for "price stability and financial stability through cautious and flexible monetary policy operations," amid increased uncertainty, high inflation, and the supply shock caused by the Middle East war.
Hyun also said that he would focus on the internationalization of the Korean won, as it was crucial to building a monetary
infrastructure.
The central bank will pursue 24-hour foreign exchange market operations and establish offshore won settlement systems. These steps will improve the accessibility and resilience of foreign exchange transactions, making them consistent with international standards. In addition, these efforts will also support won-denominated capital and trade transactions.