The Bank for International Settlements announced that Hyun Song Shin will step back from his duties with immediate effect following his nomination as Governor of the Bank of Korea. Frank Smets will lead the BIS Monetary and Economic Department on an interim basis as Acting Head. The BIS noted that it had previously announced Mr Shin would retire from the BIS at the end of August 2026 and would be succeeded by Hélène Rey. It also highlighted that the Bank of Korea governor appointment process includes confirmation hearings in the National Assembly before a formal appointment by the President.
Bank for International Settlements 2026-03-22
Bank for International Settlements says Hyun Song Shin steps back immediately after Bank of Korea governor nomination and names Frank Smets acting head of its Monetary and Economic Department
The Bank for International Settlements announced that Hyun Song Shin will step back from his duties following his nomination as Governor of the Bank of Korea. Frank Smets will serve as Acting Head of the BIS Monetary and Economic Department. The BIS had previously announced Mr. Shin's retirement at the end of August 2026, with Hélène Rey as his successor.