Yoo Sang-dae Concludes 40-Year Tenure as Deputy Governor of Bank of Korea

Yoo Sang-dae, Deputy Governor of the Bank of Korea, emphasized on August 20 that "recent conditions and environments are presenting difficult challenges to our economy," adding that "the role of the central bank becomes even more important during such times."

During his farewell ceremony held at the Bank of Korea headquarters in Jung-gu, Seoul, Yoo stated, "The influence of the central bank can never diminish under any circumstances, and it must be used effectively to contribute to social stability and economic development."

Yoo joined the Bank of Korea in 1986 and has worked in key departments, including the Financial Markets Division, International Division, and International Cooperation Division. After serving as Vice President of the Korea Housing Finance Corporation in 2021, he returned to the Bank of Korea in August 2023 to assume the role of Deputy Governor, completing his three-year term on this day.

During his tenure as Director of the International Cooperation Division, he led the signing of a currency swap agreement with Switzerland. As Deputy Governor in 2020, he oversaw the establishment of a currency swap with the United States in response to the COVID-19 pandemic, contributing to the stabilization of the foreign exchange market and strengthening policy cooperation with major central banks.

Shin Hyun-song, Governor of the Bank of Korea, commended Yoo for his contributions to fulfilling the central bank's role amid various domestic and international shocks over the past three years.

Shin remarked, "The past three years as Deputy Governor were a time when we could not let our guard down for a moment," noting that high domestic and external uncertainties have persisted, starting with real estate project financing instability at the end of 2023, followed by concerns over unwinding yen carry trades, the declaration of a state of emergency, last year's U.S. tariff shocks, and this year's outbreak of war in the Middle East.

He added, "In such severe conditions, the Deputy Governor has been a great asset as an executive officer and a member of the Monetary Policy Committee, helping the Bank of Korea fulfill its fundamental role as a central bank."

Reflecting on his 40 years at the Bank of Korea, Yoo expressed that the institution's policy capabilities have significantly improved. He stated, "Over the past 40 years, the Bank's economic analysis and forecasting abilities, digital payment capabilities, crisis response skills, and communication abilities have all greatly enhanced," adding that recently, the Bank has been building an international cooperation network as a member of global standard setters and leading international discussions.

He concluded, "I am confident that the Bank of Korea will leverage its accumulated capabilities to gain greater trust and respect from the public, even in challenging environments."