South Korea's President Yoon Nominates Choi Sang-mok as Next Finance Minister

The move comes amidst falling approval ratings for Yoon and ahead of crucial parliamentary elections in April.

South Korean President Yoon Suk Yeol has nominated former chief economic advisor Choi Sang-mok as the country's next finance minister, replacing Choo Kyung-ho who is expected to run for election.
The reshuffle comes ahead of parliamentary elections in April, with the ruling party currently controlling only 37% of the 298-member parliament.
President Yoon's approval rating has fallen for a third straight week to 32% due to concerns over the cost of living and his handling of the economy.
Choi's main challenge will be to maintain economic momentum amidst higher borrowing costs that have dented private consumption and increased pressure on households grappling with elevated debt levels.
Despite a restrictive policy interest rate at 3.50%, consumer inflation accelerated for a third month in October amid higher food costs, far above the Bank of Korea's target rate of 2%.