The Bank of Korea would need a successor to its Governor who has strong global focus and firm grip of international economics. This was after the nation had been in reliance to trade, said a presidential adviser.

According to Lee Il Houng, head of the Korea Institute for International Economic Policy, "We need people like Kim who can quickly capture the full picture of the global economy when making a key policy decision. South Korea is a very open economy."

Bank of Korea's governor, Kim Choong Soo, would exit the lender soon after a four year term ending March 31 of next year. The successor of the governor would face challenges from a stagnant property market and a record of household debt. Meanwhile, a governor for the central bank of Korea can still be reappointed. However, only two governors before Kim's term had served more than their four year term, said a Bloomberg report.