Monetary Policy Board

  1. About BOK
  2. Organization
  3. Monetary Policy Board
Monetary Policy Board
Position Name Tenure
Chairman Lee Juyeol career background Apr. 01, 2014 ~ Mar. 31, 2022
Member Lim Jiwon career background May. 17. 2018 ~ May. 12. 2022
Member Cho Yoon-Je career background Apr. 21. 2020 ~ Apr. 20. 2024
Member Suh Young Kyung career background Apr. 21. 2020 ~ Apr. 20. 2024
Member Joo Sangyong career background Apr. 21. 2020 ~ Apr. 20. 2023
Member Lee Seungheon career background Aug. 21. 2020 ~ Aug. 20. 2023
Member Park Ki Young career background Oct. 06. 2021 ~ Apr. 20. 2023

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.

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