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South Korean President Park Geun-hye nominated next chief of the country's central bank on Monday ahead of the termination of incumbent chief's tenure later this month.
Lee Ju-yeol, former Bank of Korea (BOK) senior deputy governor, was named by President Park as the next BOK chief to replace incumbent BOK governor Kim Choong-soo, whose tenure will end on March 31, the presidential office Cheong Wa Dae said in a statement.
Lee, 62, entered the central bank in 1977, and had since covered various tasks for 35 years before his tenure as the deputy governor expired in April 2012. After leaving the BOK, Lee has worked as a professor at the Yonsei University's school of economics.
The presidential office said that Lee has intelligence and sensibility on the global financial markets, noting he was strongly respected among BOK bankers for his 35-year career within the bank.
Former BOK governor Lee Seong-tae, who had been in office between April 2006 and March 2010, was the latest "BOK man" who is promoted from the bottom rank to the top post.
The Cheong Wa Dae said it will ask for confirmation hearings to lawmakers within this week as soon as related documents are prepared.
Kwon Youngsun, a Hong Kong-based economist at Nomura, said in a report that there would be no substantial changes in the BOK's monetary policy under the new governor's leadership because South Korea faces neither inflation nor deflation risks.
The economist said that President Park appreciated central bank independence, noting that the choice was sound in terms of delivering a balanced view on the economy and policy.
Kwon expected the BOK to keep rates unchanged at 2.5 percent through the third quarter before hiking by 25 basis points to 2.75 percent in the fourth quarter.
