BOK governor elected BIS Board of Directors

BOK Governor Lee Ju-yeol

By Lee Kyung-min

Bank of Korea (BOK) Governor Lee Ju-yeol has been elected to the board of the Bank of International Settlement (BIS), in line with the country's growing standing in the international financial community, the BOK said Tuesday.

He will start his three-year term in January.

Lee is the first BOK chief to be a part of the 21-member BIS board since Korea became a member of the international body in 1997.

Lee became one of the 11 elected members of the board after garnering over two-thirds of votes in a BIS board of directors meeting in Basel, Switzerland, Sunday (local time).

Other strong candidates included central bank heads of Russia and Australia.

“The appointment came in recognition of the important role Korea plays in the global economy amid the growing importance of Asia in the global financial system, and in the BIS's activities and governance,” the BOK said.

“It holds more significance as Governor Lee will be able to strengthen communication channels with other key central bank heads around the world over current issues and shared concerns.”

The 21 members include six ex officio directors, comprising the central bank governors of Belgium, France, Germany, Italy, the U.K. and the U.S.

Each ex officio member may appoint another member of the same nationality.

While 60 central banks and monetary authorities are currently members of the BIS and have the right to vote and representation at General Meetings, the board serves as the de facto decision-making body.

The BIS board determines the strategic and policy direction of the BIS and supervises the institution's management. It holds six regular meetings every year.

The mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks, according to its website.

It regularly publishes related analyses and international banking and financial statistics that underpin policymaking, academic research and public debate.