Bank of Korea governor nominee Shin Hyun-song on Wednesday pledged to prioritize price stability as South Korea faces rising inflation risks and growth uncertainty linked to the Middle East conflict. At his confirmation hearing, Shin highlighted mounting price pressures and downside risks to growth, promising to balance inflation control, financial stability, and steady expansion. He cautioned inflation could climb in the coming months on higher oil prices and a weaker won, while growth may undershoot forecasts. “Given South Korea’s sensitivity to oil prices, I will place greater emphasis on price stability,” he said. Shin is set to succeed Rhee Chang-yong on April 20, ahead of the May rate decision, but offered no policy guidance. He noted direction will hinge on Middle East developments, with supply risks around the Strait of Hormuz.

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