Statement on the nomination of Hyun Song Shin as Governor of the Bank of Korea
Following the nomination of Hyun Song Shin as Governor of the Bank of Korea, the BIS today announced that Mr Shin will step back from his duties with immediate effect. In the interim, the Monetary and Economic Department will be led by Frank Smets, who will serve as Acting Head.
The General Manager of the BIS, Pablo Hernández de Cos, congratulated Mr Shin on his nomination:
He is widely respected within the economics profession and central banking community as a thought leader and trusted adviser and is an excellent candidate for Governor.
It was previously announced that Mr Shin will retire from the BIS at the end of August 2026 and will be succeeded by Hélène Rey.
Note to editors
The appointment process for Governor of the Bank of Korea includes confirmation hearings in the National Assembly before the formal appointment by the President.