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Central bank to overhaul board

In line with the government's efforts to streamline its administrative organization, the central bank has proposed to change the composition of its board, Governor Perng Fai-nan (彭淮南) said yesterday at a press conference.

Perng said the number of board directors at the Central Bank of China will be reduced to between five and nine from the current 15.

In addition, board directors must in future work for the bank full-time, Perng added. This requirement is currently the norm for central banks in the US, South Korea, Singapore and France.

According to the central bank, 12 of the 15 directors are currently working for the bank part-time while holding other posts in commercial banks or as teachers at local universities.

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