Summary
- The Bank of Korea said Governor Rhee Chang-yong was elected as a director of the BIS board.
- The BIS said 63 central banks from around the world are members, and the combined GDP of their economies accounts for 95%% of the global total.
- The BIS board is the institution’s top decision-making body, responsible for setting strategy and policy direction and overseeing the executive arm.
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Rhee Chang-yong, governor of the Bank of Korea, has been elected to the board of the Bank for International Settlements, often described as the central bank for central banks.
The Bank of Korea said on May 12 that Rhee was elected to a three-year term at a BIS board meeting held in Basel, Switzerland, on May 11. Founded in 1930, the BIS has 63 member central banks, including the Federal Reserve, the European Central Bank and the Bank of Japan. The combined gross domestic product of its member countries accounts for 95% of the global total.
The BIS board is the institution’s top decision-making body, setting strategy and policy direction while overseeing the executive arm. It has 18 members: six ex officio directors, made up of the governors of the founding member central banks in Belgium, France, Germany, Italy, the US and the UK; one appointed director, the president of the Federal Reserve Bank of New York; and as many as 11 elected directors. Elected directors are chosen from among governors of member central banks with the support of at least two-thirds of the board.
The BOK governor has served on the BIS board since 2019. Before taking the top post at the Bank of Korea, Rhee spent 12 years at the BIS, including as a department head. His first overseas trip after taking office on April 21 was to attend the BIS Governors’ Meeting.
Shim Seong-mi, Hankyung.com reporter smshim@hankyung.com
Korea Economic Daily
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