Rhu Hoo-kyu, 57, the former director of the Financial Systems Stability Department at the Bank of Korea, will head the South East Asian Central Banks Centre (SEACEN) based in Kuala Lumpur, Malaysia.
He will be the first BOK member to take the helm of a major regional financial organization. He will take office this July for a three-year term. The appointment came at the 47th Conference of the Governors of SEACEN, High-Level Seminar and the 31st Meeting of the SEACEN Board of Governors Feb. 13-14 in Seoul.
“I’m really honored to be the first Korean to head the organization. I think it is a great honor both to myself and the Bank of Korea,” Ruh told Business Focus.
“As the head of the entity joined by 18 central banks in Asia, I also feel a strong sense of responsibility,” he added.
Ruh joined BOK in 1977 after graduating from Seoul National University majoring in economics. He worked at various departments at the central bank including research and international divisions, as well as the bank’s New York office.
SEACEN was first established as a legal entity in 1982 with eight member central banks ― Bank Indonesia, Bank Negara Malaysia, Central Bank of Myanmar, Nepal Rastra Bank, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, Central Bank of Sri Lanka, and Bank of Thailand.
It has grown to 17 members with the inclusion of The Bank of Korea in 1990; Central Bank, Chinese Taipei, in 1992; The Bank of Mongolia in 1999; Autoriti Monetari Brunei Darussalam in 2003; Reserve Bank of Fiji in 2004; Bank of Papua New Guinea in 2005; National Bank of Cambodia; State Bank of Vietnam in 2006 and the People’s Bank of China in 2011.
Since 2001, training has become the principal activity of The SEACEN Centre, focusing on areas that have practical applications in central banking, such as monetary policy, banking supervision and payments and settlement systems.