The Bank of Korea (BoK) has promoted its head of reserves to deputy governor, it said in a statement today (May 16).

Kwon Min Soo takes over as deputy governor for international finance and co-operation from May 17 for a three-year term. He replaces deputy governor Min Jwahong, whose term ended today.

Governor Rhee Chang-yong praised Kwon’s “extensive practical experience” in international finance, having overseen the bank’s more than $400 billion in foreign exchange reserves for several years