The Bank of Korea chose one of its own officials to manage the nation’s $311 billion in foreign- exchange reserves after its first public recruitment campaign for the job.

Choo Heung-sik, currently director at the bank’s Reserve Management Group, will replace Hong Taeg-ki as the group’s director-general, the central bank said on Monday. The decision followed the central bank’s announcement in September the three-year position will be open to both central bank officials and outsiders, with work experience of a decade or more in finance or investment needed.

South Korea’s foreign-exchange reserves were at $311 billion at the end of October after climbing to a record of $312 billion in August. The Bank of Korea bought gold for the first time in more than a decade between June and July, saying that diversifying its reserves by holding the metal will help “reduce investment risks.” 

(Bloomberg)