Home Stock Market S.Korea names IMF official as new central financial institution chief By Reuters

S.Korea names IMF official as new central financial institution chief By Reuters

S.Korea names IMF official as new central financial institution chief By Reuters

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© Reuters. FILE PHOTO: Changyong Rhee, Director of Asia and Pacific division on the Worldwide Financial Fund (IMF), speaks throughout a session on the “Advancing Asia: Investing for the Future” convention in New Delhi, India, March 12, 2016. REUTERS/Anindito Mukher

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By Cynthia Kim

SEOUL (Reuters) – South Korea has nominated Rhee Chang-yong, a veteran technocrat on the Worldwide Financial Fund, as its new central financial institution chief, the nation’s presidential workplace mentioned on Wednesday.

Outgoing President Moon Jae-in had mentioned the nomination with conservative President-elect Yoon Suk-yeol, who assumes his position in Could for a five-year time period, the presidential workplace mentioned.

Rhee takes the helm with the central financial institution extensively anticipated to proceed its aggressive cycle of rate of interest hikes to curb client inflation, which is at the moment operating close to a decade excessive.

He succeeds succeed Governor Lee Ju-yeol, whose time period ends March 31.

Whereas his nomination doesn’t require parliamentary approval, Rhee might be topic to questions from lawmakers who will ask him about his financial experience and moral requirements.

Members of the Nationwide Meeting typically grill these tapped as high officers in parliamentary hearings. Such inquiries up to now have centered on a variety of private issues starting from the nominee’s property transaction information, tax historical past and navy service amongst members of the family.

The Financial institution of Korea, which has raised rates of interest 3 times since August, has signalled subsequent extra aggressive hikes may be quicker as inflationary pressures construct amid rising import prices and ongoing provide chain hiccups.

Rhee is at the moment the director of the Asia and Pacific Division on the IMF, overseeing its lending operations and surveillance work throughout Asia Pacific.

Earlier than becoming a member of the IMF in 2014, Rhee served as chief economist on the ADB, and labored intently with finance ministry officers whereas serving as Sherpa for the nation’s G-20 Presidential Committee when South Korea hosted the group’s summit in 2010.

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