BOK governor gets seat on the board of Basel’s BIS

Bank of Korea (BOK) Gov. Lee Ju-yeol has been elected to the board of the Bank of International Settlements (BIS), the central bank in Korea said, Tuesday. At a BIS board of directors meeting in Basel, Switzerland, on Sunday, Lee became the 11th member of the 18-person panel, according to the BOK. He will start his three-year term in January.

“This appointment recognizes the importance of Asia in the global financial system and in the BIS’s activities and governance. Moreover, it reflects the important role played by Korea in the global economy,” Chairman Jens Weidmann said in a press release.

Lee is the first Korean central bank governor to take a seat on the board of directors of the BIS, a group made up of 60 central banks across the world. Korea joined the BIS in 1997. The board makes decisions on the strategic and policy direction of the BIS and supervises the institution’s management. It holds six regular meetings every year. Starting in 2019, the board will cut its total number of sitting members from 21 to 18, including 11 elected directors.

Yonhap