New members designated for BOK monetary board
By Kim Bo-eun
Cho Yoon-je
Former ambassador to the U.S. Cho Yoon-je and three more figures were forwarded as members of the Bank of Korea (BOK)'s monetary policy board, the central bank said Thursday.
Suh Young-kyung, head of the Korea Chamber of Commerce and Industry (KCCI)'s Sustainable Growth Initiative, and Konkuk University professor Ju Sang-yeong are the other new members. Koh Seung-beom, a current member on the board, will become BOK's first board member to serve a second term.
The reshuffle comes as the terms of four members on the board come to an end on Monday. The reshuffle draws attention as the new composition of the board may influence the central bank's monetary policy decisions, amid the coronavirus pandemic.
Cho, who is an honorary professor at Sogang University, is regarded a heavyweight in the Moon Jae-in administration, having served as ambassador to the U.S. from 2017 to 2019. He is known to have been considered as a candidate as BOK governor in 2018.
Suh Young-kyung
When Moon was a presidential candidate ahead of the 2017 elections, Cho headed a think tank on government policies in his election camp.
Cho was an economist at the World Bank and International Monetary Fund. Under the Roh Moo-hyun administration, Cho was an assistant secretary for economic affairs at Cheong Wa Dae.
Suh built her career at BOK. She became the first female deputy governor of the central bank in 2013.
"Suh is a macroeconomics expert, who has built experience in finance and industry at the BOK and KCCI," the BOK said.
"The rich experience that she has built in the public and private sector will help the board carry out monetary policy with a wider view."
Suh will become another female member, along with Lim Ji-won, who currently serves on the board.
Ju Sang-yeong
Ju is part of an advisory committee on the economy to the government, heading the macroeconomy division.
He is known to have supported Moon's income-led growth policy, but has pointed out that it has its limits, and that it must be complemented.
Koh has become the first monetary policy board member to serve a second term, since the board launched in June 1950.
Koh has been a member since 2016. Before then, he was with the Financial Services Commission where he oversaw financial policies relating to household debt, the capital market and corporate M&As.
"Koh not only holds expertise in the macroeconomy, but has led government policies in times of crisis, including the Asian Financial Crisis in 1998, the credit card fiasco in 2003 and the savings bank collapses of 2011," the BOK said.
Koh Seung-beom
"Koh is the right person to communicate with the government, at a time when cooperation on policy between the BOK and the government to tackle the COVID-19 crisis is crucial."
Cho and Suh will serve a four-year term through April 20, 2024. Koh and Ju will serve a three-year term through April 20, 2023. This is based on regulations on the central bank, which sets differing terms for members to prevent all of the members being switched at the same time. This is to minimize instability as the board undergoes a change in composition.