The Bank of Korea announced on May 11 that Kim Jin-il, a professor at Korea University, has been recommended as a new member of the Monetary Policy Committee (MPC).
Recommended by the Bankers Association, Kim, born in 1967, graduated from Seoul High School and earned both his bachelor's and master's degrees in economics from Seoul National University. He obtained his Ph.D. in economics from Yale University.
Kim has previously worked as an economist at the Federal Reserve Board (FRB), an adjunct professor at Georgetown University, an assistant professor in the economics department at the University of Virginia, and a senior economist at the FRB. Since 2010, he has been a professor in the economics department at Korea University.
The MPC is the policy-making body that deliberates and decides on key matters related to the Bank of Korea's monetary and credit policies. It consists of seven members, including the governor and deputy governor of the Bank of Korea. Kim is expected to succeed Shin Seong-hwan, who is retiring on May 12.
Excluding the governor and deputy governor, the five remaining members are appointed by the president based on recommendations from the Minister of Economy and Finance, the governor of the Bank of Korea, the chairman of the Financial Services Commission, the chairman of the Korea Chamber of Commerce and Industry, and the chairman of the Bankers Association. The term is four years.
* This article has been translated by AI.
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