South Korea’s top central banker was appointed on Tuesday by the Bank for International Settlements

to chair the Asian Consultative Council starting in October for two years, the central bank said.

Bank of Korea Gov. Kim Choong-soo will head the BIS regional consultative council in Asia, replacing the incumbent chair, Bank of Japan Gov. Masaaki Shirakawa, the BOK said in a statement.

The ACC, comprising 12 central banks in the Asia-Pacific region, was established in March 2001 to promote cooperation between the central banks and the BIS.

The consultative council provides information and opinions to the board of the BIS over whether recommendations by the BIS such as banking supervision as well as payments and settlements are being effectively implemented in the Asian region. (Yonhap News)