Members

  1. Monetary Policy
  2. Monetary Policy Board
  3. Members
Members

Position

Name

Tenure

Chairman Lee Juyeol

career background

Apr. 01, 2014 ~ Mar. 31, 2022
Member Lee Ilhoung

career background

Apr. 21. 2016 ~ Apr. 20. 2020
Member Cho Dongchul

career background

Apr. 21. 2016 ~ Apr. 20. 2020
Member Koh Seungbeom

career background

Apr. 21. 2016 ~ Apr. 20. 2020
Member Shin Inseok

career background

Apr. 21. 2016 ~ Apr. 20. 2020
Member Yoon MyunShik

career background

Aug. 21. 2017 ~ Aug. 20. 2020
Member Lim Jiwon career background May. 17. 2018 ~ May. 12. 2022

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. 1) the Governor, ex-officio;
  2. 2) the Senior Deputy Governor, ex-officio;
  3. 3) one member recommended by the Minister of Strategy and Finance;
  4. 4) one member recommended by the Governor of the Bank of Korea;
  5. 5) one member recommended by the Chairman of the Financial Services Commission;
  6. 6) one member recommended by the Chairman of the Korea Chamber of Commerce and Industry;
  7. 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 six weeks after the meetings.

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