Monetary Policy Board

Position	Name		Tenure
Chairman	RHEE, Chang Yong	career background	Apr. 21. 2022 ~ Apr. 20. 2026
Chairman, Monetary Policy BoardRHEE, Chang Yong Education Feb. 1984 Seoul National University, Korea (B.A. in Economics) Jun. 1989 Harvard University, U.S.A. (Ph.D. in Economics) Professional Experience Sep. 1989Assistant Professor of Economics, University of Rochester Sep. 1992Visiting Fellow, The World Bank Feb. 1994Assistant Professor of Economics, Seoul National University Feb. 1998Associate Professor of Economics. Secoul National University Mar. 2003Professor of Economics, Seoul National University Mar. 2008Vice Chairman, Financial Services Commission Chariman, Securities and Futures Commission Nov. 2009Secretary General and Sherpa, Presidential Committee for the 2010 G-20 Seoul Summit Mar. 2011Chief Economist, Asian Development Bank Feb. 2014Director, Asian and Pacific Department, International Monetary Fund Apr. 2022Governor, Bank of Korea
Member, Monetary Policy BoardLim Jiwon Education 1987 B.A. in English Literature (Minor in Business Administration), Seoul National University 1995 Ph.D. in Economics, University of North Carolina at Chapel Hill Professional Experience 1996Chief researcher, Samsung Economic Research Institute 1998Economist, J.P. Morgan 1999Chief Korea Economist, J.P. Morgan 2003External advisor to Financial Investment Funds of Seoul Metropolitan Government 2005Professional member, National Economic Advisory Council 2009Advisor to Korea National Assembly Budget Office 2010Member, National Economic Advisory Council 2011J.P. Morgan, Managing Director, Chief Korea Economist 2014Managing Director and Chief Korea Economist, J.P. Morgan 2017Advisor to the Bank of Korea’s monetary policy 2018Member, National Economic Advisory Council 2018Member, Monetary Policy Board of the Bank of Korea (Recommended by the Chairman of the Korea Federation of Banks)
Member	Cho Yoon-Je	career background	Apr. 21. 2020 ~ Apr. 20. 2024
Member, Monetary Policy BoardCho Yoon-Je Education 1976 B.A. in Economics, Seoul National University 1984 M.A. and Ph.D. in Economics, Stanford University Professional Experience 1984Economist, World Bank 1989Economist, Exchange and Trade Relations Department, International Monetary Fund 1990Adjunct Professor, Georgetown University 1992Senior Economist, Financial Sector Development Department, World Bank 1995Vice President, Korea Institute of Public Finance 1996Senior Advisor to the Deputy Prime Minister and Minister of Finance 1997Professor of Economics, Graduate School of International Studies, Sogang University 1999Member, Policy Board, Korea Center for International Finance 2000Member, Financial Sector Development Committee, Ministry of Finance 2003Advisor to the President on Economics Policy 2005Ambassador, Embassy of the Republic of Korea in the United Kingdom of Great Britain and Northern Ireland 2008Professor of Economics, Graduate School of International Studies, Sogang University 2009President, Graduate School of International Studies, Sogang University 2011Visiting Professor, Asia Development Bank Institute(ADBI) 2017Ambassador, Embassy of the Republic of Korea in the USA 2017Emeritus professor, Graduate School of International Studies, Sogang University 2020Member, Monetary Policy Board of the Bank of Korea (Recommended by the Minister of Ministry of Strategy and Finance)
Member	Suh Young Kyung	career background	Apr. 21. 2020 ~ Apr. 20. 2024
Member, Monetary Policy BoardSuh Young Kyung Education 1986 B.A. in Economics, Seoul National University 1994 M.A. in Economics, George Washington University 2011 Ph.D. in Economics, George Washington University Professional Experience 1998Manager, Research Department, International Department, and Economic Research Institute, Bank of Korea (BOK) 2012Director, Financial Markets Department, BOK 2013Deputy Governor for Research, Economic Statistics, and International Cooperation, BOK 2016Visiting Professor of Economics, Korea University 2018Director General, Sustainable Growth Initiative (SGI), Korea Chamber of Commerce and Industry 2020Member, Monetary Policy Board of the Bank of Korea (Recommended by Korea chamber of Commerce and Industry)
Member	Shin Sung Hwan	career background	July. 28. 2022 ~ May. 12. 2026
Member, Monetary Policy Board Shin Sung Hwan Education Feb. 1985Seoul National University, Korea (B.A. in Economics) May. 1988Sloan School of Management, MIT, U.S.A. (S.M. in Management) May. 1993Sloan School of Management, MIT, U.S.A. (Ph.D. in Finance) Professional Experience Aug. 1993Research Fellow, Korea Institute of Finance Mar. 1995Assistant Professor of Finance, Hongik University Aug. 1998Senior Financial Officer, The World Bank Mar. 2003Associate Professor of Finance, Hongik University Aug. 2007Member, Steering Committee, Korea Investment Corporation Mar. 2008Professor of Finance, Hongik University Mar. 2015President, Korea Institute of Finance Jul. 2022Member, Monetary Policy Board, Bank of Korea (Recommended by Korea Federation of Banks)
Member	Chang Yongsung	career background	Apr. 21. 2023 ~ Apr. 20. 2027
Member, Monetary Policy Board Chang Yongsung Education 1989Seoul National University, Korea (B.A. in Economics) 1991Seoul National University, Korea (M.A. in Economics) 1995University of Rochester, U.S.A. (Ph.D. in Economics) Professional Experience 1997Assistant Professor, Department of Economics, University of Pennsylvania 2003Senior Economist, Federal Reserve Bank of Richmond 2004Associate Professor, Department of Economics, Seoul National University 2007Associate/Full Professor, Department of Economics, University of Rochester 2007Professor, Department of Economics, Yonsei University Finance 2012Long-Term Consultant, Federal Reserve Bank of Richmond 2018Professor, Economics, Seoul National University 2022Chairman, Macroeconomics Division, National Economic Advisory Council 2023Member, Monetary Policy Board of the Bank of Korea (Recommended by the Governor of the Bank of Korea)
Member	Ryoo, Sangdai	career background	Aug. 21. 2023 ~ Aug. 20. 2026
Member, Monetary Policy Board Ryoo, Sangdai Education Feb. 1986B.A., Economics, Seoul National University, Korea Dec. 1998Ph.D., Economics, State Univ. of N.Y., U.S.A Professional Experience Aug. 2023Senior Deputy Governor, Bank of Korea Jul. 2021Executive Vice President, Korea Housing Finance Corporation May. 2018Deputy Governor, Bank of Korea Feb. 2017Director General, International Affairs Department Jul. 2014Chief Representative, New York Representative Office Feb. 2012Director General, International Department Mar. 2011Head, Fixed Income Markets Team, Financial Markets Department Mar. 2010Deputy Director General, Financial Markets Department Feb. 2007Senior Assistant to Board Member, Monetary Policy Board Secretariat Jul. 2006Senior Economist, International Department Mar. 2003Senior Economist, SEACEN (Seconded from the Bank) Sep. 2001Senior Economist, International Department May. 1999Economist, International Department Dec. 1998Economist, Research Department Feb. 1986Joined the Bank of Korea

At the apex of the Bank of Korea's organization is the Monetary Policy Board. The Board's prime function is the formulation of monetary and credit policies. In addition, the Board deliberates and resolves on major matters concerning the operations of the Bank of Korea.

The Monetary Policy Board is composed of seven members representing various groups in the national economy :

• 1) the Governor, ex-officio;
• 2) the Senior Deputy Governor, ex-officio;
• 3) one member recommended by the Minister of Economy and Finance;
• 4) one member recommended by the Governor of the Bank of Korea;
• 5) one member recommended by the Chairman of the Financial Services Commission;
• 6) one member recommended by the Chairman of the Korea Chamber of Commerce and Industry;
• 7) one member recommended by the Chairman of the Korea Federation of Banks.

The members are appointed by the President. The term of each member except the Senior Deputy Governor is four years*. All members serve on a full-time basis and no member may be discharged from office against his or her will. The Governor serves concurrently as the Chairman of the Board.

The Board convenes on the Thursdays of the second and fourth weeks of each month. Meetings of the Board may also be called by the Chairman when he or she considers this necessary or when at least two members so request.

Resolutions at a Monetary Policy Board meeting are adopted by a simple majority when there are at least five members present. Any member may submit a proposal with the concurrence of at least one other member. The Chairman, however, can submit a proposal on his or her own motion.

The decisions of the Board are announced immediately following the meeting on the website. The minutes of the MPB meetings on monetary policy decisions are published on the first Tuesday four weeks after the meetings.

* However, a three-year term will be applied to the two members appointed in April 2020 recommended by the Governor of the Bank of Korea and the Chairman of the Financial Services Commision.