Kim Choong-soo, envoy to the Organisation for Economic Co-operation and Development, was named as South Korea's new central bank governor.

Kim 63, will succeed Lee Seong Tae when his term ends on March 31. The nomination is subject to approval by the cabinet in its weekly session on March 23.

Kim has "a broad range of expertise and experience on the South Korean economy, as he worked in both academic circles and the government, and also has international experience and insight as the ambassador to the OECD," Yonhap News Agency quoted presidential office spokesman Park Sun-kyoo.

He is scheduled to take office on April 1 and chair his first monthly monetary policy meeting on April 8.