South Korean economist Shin Hyun-song, best known for predicting the 2008 Global Financial Crisis, was named on Sunday to head the country’s central bank, just as it faces economic pressures resulting from patchy domestic growth and the Iran war.
President Lee Jae Myung chose Shin — currently head of the economic department at the Bank for International Settlements (BIS), dubbed the central bank for the world’s central banks — to replace Rhee Chang-yong as Bank of Korea (BOK) governor when his term ends on April 20.
In a statement released by the central bank, Shin said he would seek a “balanced” policy approach with inflation, growth and financial stability under consideration.
“Volatility in financial and foreign exchange markets, as well uncertainty over the economic outlook, heightened recently on rapid changes in the Middle East situation,” Shin said.
Shin, who has an academic reputation defined by his consistent warnings against excessive borrowing, faces immediate challenges from Middle East-driven inflation and uneven growth.
