S Korea central bank says board member Joo to serve as acting chairman

SEOUL : South Korea's central bank on Thursday said board member Joo Sang-yong will serve as acting chairman of its Monetary Policy Board for six months as Governor Lee Ju-yeol's term ends later this month.

The Bank of Korea (BOK) also said it has not decided which board member will preside over the news conference after its next policy interest rate decision on April 14.

Thursday's announcement comes a day after the presidential office nominated Rhee Chang-yong, a veteran International Monetary Fund official, as the BOK's next governor.

Separately on Wednesday, the BOK said Rhee will leave Washington on March 29 and arrive in South Korea on the afternoon of March 30.

Before commencing his four-year term, Rhee will be subject to a parliamentary hearing session about his economic expertise and ethical standards. It is not known when Rhee will officially join the board.