SEOUL, July 26 (Yonhap) -- South Korea's bank association said Tuesday it has recommended professor Shin Sung-hwan to be the new member of the central bank's monetary policy committee.
The Korea Federation of Banks said it named Shin, a professor of finance at Hongik University in Seoul, to sit on the Bank of Korea (BOK)'s seven-member policy board as the replacement for Lim Ji-won whose term ended in May.
If appointed by President Yoon Suk-yeol, Shin will serve as a BOK board member for four years.
Shin appears to have a pro-government stance as he served as a member of the presidential transition committee after Yoon was elected in March.
"I feel a big responsibility as I was named as a BOK policy board member at a time when the economy is in a grave situation that requires responses to accumulated household debt and inflation risks," he said.
Earlier this month, the BOK delivered an unprecedented 0.5 percentage-point rate hike to 2.25 percent in a bid to curb fast-rising inflation. It marked the sixth rate increase since August last year.
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