BIS Statement on Hyun Song Shin Nomination

BIS Press Releases

Published March 22nd, 2026

Detected March 22nd, 2026

Summary

The Bank for International Settlements (BIS) issued a statement regarding the nomination of Hyun Song Shin as Governor of the Bank of Korea. Mr. Shin will step down from his BIS duties immediately, with Frank Smets serving as Acting Head of the Monetary and Economic Department. This follows a previous announcement of Mr. Shin's retirement from the BIS at the end of August 2026.

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What changed

The Bank for International Settlements (BIS) has issued a notice concerning the nomination of Hyun Song Shin as the new Governor of the Bank of Korea. As a result of this nomination, Mr. Shin is stepping down from his current duties at the BIS with immediate effect. Frank Smets has been appointed as the Acting Head of the Monetary and Economic Department to cover Mr. Shin's responsibilities on an interim basis. This action is in line with a prior announcement that Mr. Shin would retire from the BIS at the end of August 2026.

This announcement primarily concerns internal personnel changes and succession planning within the BIS and the Bank of Korea. There are no direct compliance obligations or new regulatory requirements imposed on regulated entities by this statement. Compliance officers should note the change in leadership at the Bank of Korea and the interim arrangements at the BIS, which may be relevant for future interactions or policy developments originating from these institutions.

Source document (simplified)

Statement on the nomination of Hyun Song Shin as Governor of the Bank of Korea

Press release | 22 March 2026

Following the nomination of Hyun Song Shin as Governor of the Bank of Korea, the BIS today announced that Mr Shin will step back from his duties with immediate effect. In the interim, the Monetary and Economic Department will be led by Frank Smets, who will serve as Acting Head.

The General Manager of the BIS, Pablo Hernández de Cos, congratulated Mr Shin on his nomination:

He is widely respected within the economics profession and central banking community as a thought leader and trusted adviser and is an excellent candidate for Governor.

Pablo Hernández de Cos, General Manager of the BIS It was previously announced that Mr Shin will retire from the BIS at the end of August 2026 and will be succeeded by Hélène Rey.

Note to editors

The appointment process for Governor of the Bank of Korea includes confirmation hearings in the National Assembly before the formal appointment by the President.