April 1, 2014 / 12:41 AM / in 5 years

South Korea's new central bank chief vows consistency, predictability

Lee Ju-yeol (C), 61, a nominee for central bank governor, answers reporters' questions as he is surrounded by medias after a news conference in Seoul March 3, 2014. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - South Korea’s new central bank chief promised on Tuesday consistent and predictable policy and effective communication as he started work on guiding a sustained recovery in Asia’s fourth-largest economy.

Lee Ju-yeol, 61, a veteran technocrat who has worked at the central bank for 35 years, started his four-year term as the Governor of the Bank of Korea with the double mission of keeping stability in inflation and the financial system.

In his inaugural speech distributed before its delivery, Lee listed uncertainty over China’s economic growth prospects and problems arising from South Korea’s heavy household debt and weakening growth potentials as risks facing the Korean economy.

Lee chairs the seven-member monetary policy committee that sets the policy interest rate each month. He was the senior deputy governor between 2009 and 2012.

Reporting by Christine Kim; Editing by Choonsik Yoo and Paul Tait

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