Seoul: President Lee Jae Myung has approved the appointment of Shin Hyun-song as the new governor of the Bank of Korea (BOK) following a successful parliamentary confirmation. Shin's confirmation report was adopted through bipartisan agreement, as announced by the presidential office, and he will officially take office on Tuesday.

According to Yonhap News Agency, the National Assembly's strategy and finance committee adopted the confirmation hearing report for Shin earlier in the day, following his hearing last Wednesday. During the hearing process, opposition lawmakers raised concerns over allegations regarding Shin's daughter, a British national, allegedly being re-issued a South Korean passport illegally.

Rep. Lim Lee-ja, head of the strategy and finance committee and a member of the main opposition People Power Party, emphasized the importance of filling the BOK governorship without delay given the challenging domestic and external economic conditions. It was the first instance since 2014 that a confirmation hearing report for a BOK chief nominee was not adopted on the same day as the hearing, highlighting the significance of the procedure.

The appointment comes as outgoing BOK Governor Rhee Chang-yong completed his four-year term earlier in the day.