Korea's new top central banker to face tough decision-makingUpdated: 2014-03-14 10:56:16 (KST)
Wrapping up his final monetary policy meeting on Thursday, Bank of Korea Governor Kim Choong-soo said he was successful during his four-year term in giving the central bank back to the people.
He added he had done his best, under some difficult circumstances.
"People normally say that the past four years represent the first and the biggest financial crisis in a hundred years. The global financial market changed very rapidly."
While there has been criticism over a lack of communication with the market during his term, analysts rated Governor Kim's monetary policies as "above average."
The man who is now likely to be taking over the burden is Lee Ju-yeol -- a veteran central bank official who's been tapped as the next governor.
"Experts say the main challenges for Lee will be how to cope with external risks stemming from the U.S. Federal Reserve's stimulus tapering and how to coordinate with the government to revitalize the domestic economy."
They add that the new top central banker will feel a heavy responsibility as the circumstances at home and abroad are currently at odds.
"The new governor should not focus on short-term goals. Blindlessly following the government's drive to boost the local economy should also be avoided. The central bank should show leadership as the pillar of monetary policies while communicating with the market."
Before taking office in April, nominee Lee will have to go through a parliamentary confirmation hearing next Wednesday.
The National Assembly, however, does not have the power to veto Lee's appointment.
Analysts say the first hearing in the Bank of Korea's 60-year history is expected to go smoothly given that the central bank veteran has gone through similar procedures before while holding senior positions in the central bank.
Hwang Ji-hye, Arirang News.
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