Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
BOK governor draws criticism for 'overstepping' bank's traditional jurisdiction
Pedestrians cross a street in front of the Bank of Korea headquarters in central Seoul, Aug. 12. Yonhap
By Yi Whan-woo
Employee assignments to outside organizations expand under Rhee's term
The Bank of Korea (BOK) has been dispatching a larger number of employees to government ministries, the National Assembly, Korea’s diplomatic missions abroad and other institutions across both public and private sectors since Gov. Rhee Chang-yong became head of the central bank in 2022.
The move reflects Rhee’s more outspoken approach, compared to his predecessors, in addressing the need for structural reforms to boost Korea’s growth potential.
However, the initiative is also drawing criticism, with some arguing that the central bank chief may be overstepping the BOK’s traditional jurisdiction on monetary policy.
According to BOK data, the number of employees dispatched to external organizations increased from 39 in 2021 to 49 in 2025.
Notably, several institutions received BOK staff for the first time this year.
Among the new destinations were the Presidential Committee for National Cohesion; Presidential Committee on Ageing Society and Population Policy; Ministry of Land, Infrastructure and Transport; and Ministry of Trade, Industry and Energy.
These additions joined long-standing posts such as the presidential office, Ministry of Economy and Finance, Office for Government Policy Coordination and Board of Audit and Inspection.
In the legislative branch, a director-level BOK official has been stationed at the National Assembly Budget Office since 2023 — the first such assignment in the bank’s history.
Internationally, BOK employees are posted to Korean embassies in Belgium, Cambodia, Malaysia and Singapore, as well as to the European Union, International Monetary Fund and OECD.
The central bank has also assigned personnel to private and state-funded institutions such as Seoul National University, Korea National Defense University and Korea Institute of Finance.
The BOK explained that the wider scope aims “to strengthen cooperation on monetary, fiscal and structural reform policies.”
Still, critics question whether this expansion is appropriate for an institution tasked with maintaining policy independence.
“You don’t need to send more employees to outside institutions in the name of cooperation,” a civic activist with the Citizens’ Coalition for Economic Justice said on condition of anonymity. “It could become a burden for the host agencies and undermine the BOK’s neutrality.”
A member of People’s Solidarity for Participatory Democracy, another civic activist group, said, “Expanded cooperation with outside organizations can be helpful, but also could interfere with the central bank’s neutral monetary policy."
“And the more BOK employees are sent to outside organizations, the higher risk for the BOK to breach its neutrality,” he added.
The activist speculated that the BOK may be dispatching more employees to outside organizations as a way to resolve years of personnel bottlenecks, particularly among senior-level employees.