Seoul: Kim Jinill, a professor of economics at Korea University, has been recommended as a new member of the Bank of Korea (BOK)'s monetary policy board, the central bank announced on Monday. Recommended by the Korea Federation of Banks, Kim Jinill is anticipated to replace Shin Sung-hwan, whose term is concluding this week.

According to Yonhap News Agency, if Kim is appointed by President Lee Jae Myung, he will serve a four-year term as a member of the BOK's seven-member policy board. The central bank is preparing for its upcoming rate-setting meeting scheduled for May 28. It has maintained the benchmark interest rate at 2.5 percent for seven consecutive meetings since July of the previous year.