On February 22, President Yoon Suk-yeol named Shin Hyun-sung, the current head of the Monetary and Economic Department at the Bank for International Settlements (BIS), as the candidate to succeed Lee Chang-yong, the outgoing Governor of the Bank of Korea. This nomination comes as the monetary policy faces the dual challenge of stabilizing prices while fostering economic growth, particularly in the context of rising global uncertainties exacerbated by issues like the Middle East situation. Lee's press secretary praised Shin as a leading authority in global finance and macroeconomics, highlighting his extensive academic and practical insights.

Shin, born in 1959 in Daegu, holds master’s and doctoral degrees in economics from the University of Oxford. His career has included teaching positions at the London School of Economics (LSE) and Princeton University, as well as roles as a resident scholar at the International Monetary Fund (IMF) and a financial consultant at the New York Federal Reserve. During the Lee Myung-bak administration, he served as a senior advisor for international economic affairs at the Blue House and has held the position of chief economic advisor at BIS since 2014. He is recognized for his expertise in financial crisis theory and systemic stability, having contributed significantly to the understanding of the mechanisms of financial crises since the mid-2000s.

Shin advocates for proactive macroprudential policies to ensure long-term stability in the financial system, emphasizing measures like introducing leverage limits for banks and prompt interest rate hikes to address inflation and excessive lending. His critical stance towards stablecoins reflects concerns over capital flight vulnerabilities in countries with high exchange rate volatility. The government's confidence in Shin's ability to adapt and understand domestic monetary policy despite his extensive international experience was reaffirmed, indicating he will remain attuned to local economic conditions.