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President appoints BOK chief to second term

President Moon Jae-in appointed the incumbent head of the central bank to a second term Monday, stressing the importance of stability in monetary policy.

Bank of Korea Gov. Lee Ju-yeol was appointed to his second four-year term in a ceremony held at the presidential office Cheong Wa Dae.

Lee's appointment came about a month after the president decided to retain the top central banker for a second term.

The 65-year-old is the first person in more than four decades to have been appointed to a second term as a BOK chief, according to Cheong Wa Dae officials.

President Moon Jae-in (R) hands a certificate of appointment to Bank of Korea Gov. Lee Ju-yeol in a ceremony held at his office Cheong Wa Dae in Seoul on April 9, 2018, appointing the incumbent head of the central bank to a second four-year term. (Yonhap)
President Moon Jae-in (R) hands a certificate of appointment to Bank of Korea Gov. Lee Ju-yeol in a ceremony held at his office Cheong Wa Dae in Seoul on April 9, 2018, appointing the incumbent head of the central bank to a second four-year term. (Yonhap)

While speaking to Moon shortly after his appointment ceremony, Lee said the ultimate goal of economic and monetary policies was to increase employment, according to Cheong Wa Dae spokesman Kim Eui-kyeom.

"Growth too is aimed at creating jobs. In that sense, I do believe the Moon Jae-in administration's economic policy is heading in the right direction," he was quoted as saying.

The president urged more active use of data and economic reports from the central bank by the government, insisting they are of the highest quality, according to the spokesman.

Lee's second four-year term will end in 2022 when Moon's single five-year presidency will also end.(Yonhap)
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