Economics professor, former procurement agency head named as new BOK policymakers

BOK-policymakers

Economics professor, former procurement agency head named as new BOK policymakers

SEOUL, April 5 (Yonhap) -- An economics professor and a former procurement agency chief have been recommended to replace two outgoing monetary policymakers of the Bank of Korea (BOK), the central bank said Wednesday.

Chang Yong-sung, an economics professor at Seoul National University, and Park Chun-sup, former chief of the Public Procurement Service, were named to sit on the BOK's seven-member rate-setting board.

If appointed by President Yoon Suk Yeol, Chang and Park will start their four-year terms by replacing Joo Sang-yeong and Park Ki-young, respectively, whose terms end April 20.

Chang and Park were recommended by the BOK and the Financial Services Commission, according to the central bank.

Eyes are on the monetary policy stance of the new board members.

The BOK sought steep rate hikes throughout last year to tame inflation. In February, the BOK held it steady for the first time in about a year amid worries over an economic slowdown.

The central bank will hold another rate-setting meeting next Tuesday.

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